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Case Status:    DISMISSED    
On or around 09/07/2005 (Date of order of final judgment)

Filing Date: August 25, 2004

According to a press release dated September 14, 2005, Synopsys, Inc., a world leader in semiconductor design software, announced the final dismissal of Kanekal v. Synopsys et al. The class action lawsuit, filed in August 2004 in United States District Court for the Northern District of California, had alleged securities laws violations by Synopsys and certain of its officers. Judgment has now been entered in favor of Synopsys with each party bearing its own fees and costs.

By the Order signed by U.S. District Judge Martin J. Jenkin on August 10, 2005, the Court grants Defendants’ Motion to Dismiss without prejudice and denies Defendants’ motion for sanctions. Plaintiffs must file an amended complaint within thirty days of the date of the Order.

The Complaint was filed charging Synopsys, Inc., and certain of its officers and directors with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. More specifically, the Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that defendants knew or recklessly disregarded the fact that renewals of up-front license bookings, which the Company had touted as being strong, were not materializing and were in fact becoming substantially more averse to its customer base due to the large up-front cash payments that the Company required; (2) that the Company was not able to achieve substantial growth and was not able to capture market share gains through the technological advancements in the Company's products, which defendants touted as a means for achieving such an end; (3) that defendants knew or recklessly disregarded the fact that demand for the Company's products would not continue to be strong despite a conservative spending environment; and (4) that as a result of the above, the defendants' positive statements about the Company were lacking in any reasonable basis when made.

On August 2, 2004, Synopsys announced preliminary results for its third fiscal quarter ended July 31, 2004. The Company expected total revenues to be $279 million to $283 million, compared to its previous target range of $300 million to $320 million. Then on August 18, 2004, Synopsys reported fiscal third-quarter earnings that were slightly ahead of reduced estimates, and it also warned that results for the current period and fiscal year would fall far short of Wall Street's expectations. News of this shocked the market. Shares of Synopsys fell $6.63 per share, or 31.16 percent, to close at $14.65 per share.

NOTE: Synopsys, Inc. provides electronic design automation (EDA) software used to design complex integrated circuits (ICs) and systems-on-chips (SoCs) in the global semiconductor and electronics industries. The Company also provides intellectual property and design services to simplify the design process and to accelerate time to market for its customers.

COMPANY INFORMATION:

Sector: Technology
Industry: Software & Programming
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: SNPS
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.
COURT: N.D. California
DOCKET #: 04-CV-03580
JUDGE: Hon. Martin J. Jenkins
DATE FILED: 08/25/2004
CLASS PERIOD START: 12/03/2003
CLASS PERIOD END: 08/18/2004
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Green & Jigarjian LLP
    235 Pine Street, 15th Floor, Green & Jigarjian LLP, CA 94104
    415.477.6700 415.477.6710 ·
  2. Schatz & Nobel, P.C.
    330 Main Street, Schatz & Nobel, P.C., CT 06106
    800.797.5499 860.493.6290 · sn06106@AOL.com
  3. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
No Document Title Filing Date
COURT: N.D. California
DOCKET #: 04-CV-03580
JUDGE: Hon. Martin J. Jenkins
DATE FILED: 01/24/2005
CLASS PERIOD START: 12/03/2003
CLASS PERIOD END: 08/18/2004
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Green Welling LLP (San Francisco)
    235 Pine Street, 15th Floor, Green Welling LLP (San Francisco), CA 94104
    415.477.6700 415.477.6710 · gw@classcounsel.com
  2. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
No Document Title Filing Date