On or around 12/30/2004 (Other)
Filing Date: June 24, 2002
According to a press release dated December 6, 2004, Amdocs announced that the US Court of Appeals for the Eighth Circuit has affirmed per curiam the dismissal of the securities class action lawsuits that had been pending against Amdocs and certain of its directors and officers since June 2002. The three judges hearing case ruled unanimously for dismissal. The ruling was made at an early stage, before testimony was given and evidence gathered. The case had previously been dismissed with prejudice in December 2003 by the US District Court for the Eastern District of Missouri. In early December, Amdocs announced that the US District Court for the Eastern District of Missouri had dismissed with prejudice the class action suit filed against the company and some of its directors and officers. The class action suit consolidated several class action suits filed against Amdocs in St. Louis, Missouri. The suits were filed after Amdocs published two consecutive severe profit warnings prior to the publication of its financial reports for the third fiscal quarter of 2002, in which Amdocs lowered its guidance for the 2002 fiscal year (the first profit warning was published in the last week of April 2002 and the second in June 2002).
The original Complaint charges Amdocs and certain of its officers and directors with violations of federal securities laws. Among other things, plaintiff claims that defendants overstated the Company's orders backlog and misrepresented the demand for Amdocs' products and services. The complaint alleges that defendants' material omissions and the dissemination of materially false and misleading statements regarding the nature of Amdocs' revenue and business prospects caused Amdocs' stock price to become artificially inflated, inflicting damages on investors.
Company & Securities Information
Defendant: Amdocs Limited
Industry: Software & Programming
Headquarters: Island of Guernsey
Ticker Symbol: DOX
Company Market: New York SE
Market Status: Public (Listed)
About the Company & Securities Data
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