Ariba, Inc. is a spend-management software solutions provider. Ariba provides software, services and network access to enable corporations to evaluate and manage the cash costs associated with running their business.

The original Complaint charges Ariba and certain of its officers and directors with violations of the Securities Exchange Act of 1934. On January 15, 2003, the Company issued a press release entitled, "Ariba Provides Update on Accounting Review and Restatement of Financial Statements." The press release stated in part: "Ariba, Inc. announced today that it will restate its financial statements for the fiscal years ended September 30, 2001 and 2000 and for the quarters ended March 31, 2000 through June 30, 2002 as a result of an ongoing review of accounting matters." While Ariba's financial statements were admittedly false, the Company's top officers and directors took advantage of this and sold nearly $692 million worth of their Ariba shares to the unsuspecting public.

According to the docket posted, on April 16, 2004, the Plaintiff filed a Second Consolidated Amended Complaint, and on June 18, 2004, the Defendants responded by filing a motion to dismiss the Second Consolidated Amended Complaint. On March 16, 2005, the Court entered the Order by U.S. District Judge Jeremy Fogel granting the Defendants’ motion to dismiss. That day, the Court further entered the Judgment in favor of the Defendants.