Veritas Software Corporation ("Veritas" or the Company) is a software storage company that provides data protection, storage management and disaster recovery software.

The original Complaint charges Veritas and certain of its officers and directors with violations of the Securities Exchange Act of 1934. The Complaint alleges that on January 17, 2003, the Company announced the restatement of its 2000 and 2001 financial statements as a result of its improper accounting for transactions with AOL Time Warner in 2000. The release stated in part: "(t)he transactions involved in a $50 million software purchase by AOL and a $20 million advertising services purchase from AOL." While Veritas' financial statements were admittedly false and its stock price artificially inflated, the Company's top officers and directors took advantage of this and sold nearly $15 million worth of their Veritas shares to the unsuspecting public.

On July 21, 2003, the Plaintiffs filed a Corrected Consolidated Class Action Complaint and the Defendants responded by filing motions to dismiss the Corrected Consolidated Class Action Complaint. On December 10, 2003, the Court entered the Order granting the motions to dismiss with leave to amend. On January 16, 2004, the Plaintiffs filed a First Amended Class Action Complaint and the Defendants responded by filing motions to dismiss the First Amended Class Action Complaint. On May 19, 2004, the Court entered the Order granting the motions to dismiss with leave to amend. On June 30, 2004, the Plaintiffs filed a Second Amended Class Action Complaint and the Defendants responded by filing motions to dismiss. On January 20, 2005, a letter was filed in the Court advising the Court that the case has settled through mediation conducted on January 18, 2005. On February 18, 2005, a Stipulation of Settlement was filed.

In a press release dated April 8, 2005, Veritas, which is being acquired by Symantec Corp., has set aside $35 million to settle a class-action lawsuit, according to a twice-delayed filing submitted to the U.S. Securities and Exchange Commission on Wednesday. In its annual report, the Mountain View, Calif.-based storage software maker said a U.S. court on March 18 tentatively approved a settlement of suits that accused Veritas officers and directors of making misleading statements about the firm's fiscal results in 2000, 2001 and 2002.

By the Final Judgment and Order of Dismissal with Prejudice, signed on November 15, 2005, by U.S. District Judge Maxine M. Chesney, the Court approves the settlement set forth in the Stipulation, certifies the Settlement Class, and discharges all Released Claims against all Released Persons.

On March 9, 2006, the Plaintiff filed a Notice of Appeal as to the Order on the Motion for Attorney Fees.

In a press release dated August 6, 2007, notice of a proposed $35 million settlement of class securities charges over an alleged financial fraud scheme at Veritas did not meet 1995 Private Securities Litigation Reform Act requirements, the U.S. Court of Appeals for the Ninth Circuit concluded July 25, resolving a question of first impression (In re Veritas Software Corp. Securities Litigation (Petrone v. Malone), 9th Cir., Nos. 05-17393, 06-15435, July 25, 2007). Vacating and remanding, the appeals court said the estimated $0.25 per share recovery set forth in the notice was based on the "undisclosed assumption that only a fraction of class members"--43 percent--"would actually file claims."

According to a press release dated February 25, 2008, more than six months after an appeals court remanded the case, citing inadequate class notification, a district court judge has again approved a $35 million settlement between Veritas and disgruntled shareholders. Judge Maxine M. Chesney of the U.S. District Court for the Northern District of California said Friday that the settlement was fair and adequate. She also awarded Coughlin Stoia Geller Rudman & Robbins about $6.5 million in fees and expenses for its work as the lead Plaintiffs' Counsel. The class, for terms of the settlement, includes everyone who bought or acquired Veritas securities between Jan. 3, 2001, and Jan. 16, 2003. The court previously approved a settlement in the case in Nov. 15, 2005. However, a shareholder appealed the approval of the plan allocation, among other things.