On or around 02/23/2001 (Date of order of final judgment)
Filing Date: January 27, 2000
According to an article in the Washington Business Journal dated February 23, 2001, the has dismissed a class action lawsuit against V-One. In the suit filed against V-One, shareholders alleged the company's officers manipulated stock values by strategically issuing press releases that linked its products with the Linux operating system, which at the time was enjoying a surge in popularity. U.S. District Judge Marvin J. Garbis ruled that the plaintiffs had failed to prove the company had violated securities laws and dismissed the suit "with prejudice." Costs were awarded to V-One.
The original Complaint charges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10-b(5). The action arises from damages incurred by the Class as a result of a scheme and common course of conduct by defendants which operated as a fraud and deceit on the Class during the Class Period. Defendants' scheme included rendering false and misleading statements and/or omissions concerning the present and future financial condition and business prospects of the Company, as well as the financial benefits that would enure to V-One and its shareholders.
Company & Securities Information
Defendant: V-One Corporation
Industry: Computer Networks
Headquarters: United States
Ticker Symbol: VONE
Company Market: NASDAQ
Market Status: Public (Listed)
About the Company & Securities Data
"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.
In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
First Identified Complaint
George McMeen, et al. v. V-One Corporation, et al.