Case Page

 

Case Status:    SETTLED
On or around 04/27/2010 (Date of order of final judgment)

Filing Date: October 27, 2006

As summarized by the lead counsel’s website, Middlesex Retirement System has been selected by the United States District Court for the Central District of California as Lead Plaintiff and Wolf Popper LLP as Lead Counsel in the class action lawsuit against Quest Software, Inc.

The action is pending before United States District Judge David O. Carter. The lawsuit alleges that Quest Software, Inc. and certain of its executives (“Quest”) violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by failing to disclose and concealing through various false statements and omissions that they did not properly account for issuing stock option grants at prices which were below fair market value on the actual grant date. Consequently, the price of Quest stock was artificially inflated during the period November 9, 2001 through July 3, 2006.

The First Amended Complaint was filed on March 26, 2007 and the defendants moved for dismissal on May 25, 2007. On October 22, 2007, Judge David O. Carter granted in part and denied in part the motion by the defendants to dismiss the First Amended Complaint. On January 18, 2008, the plaintiff filed a Second Amended Complaint.

On July 10, 2008, the judge granted in part and denied in part the defendants' motions to dismiss. The order states, "Defendants' Motions to Dismiss are hereby
DENIED, except that Plaintiff's § 20A claim is hereby DISMISSED against
Defendants Doyle, Murdock and Garn. Defendants' Motion for Reconsideration is hereby DENIED AS MOOT. Defendants are hereby ORDERED to begin producing discovery posthaste."

Shortly after the judge's denial to dismiss the case, defendants filed answers to the complaint. The parties soon engaged in the discovery phase. On June 12, 2009, the plaintiff filed a motion to certify the class. The Company filed its opposition to the motion to certify the class on August 4, 2009. The U.S. District Court scheduled a hearing on the motion for class certification on August 31, 2009. On September 8, 2009, Judge David O. Carter granted the lead plaintiff’s motion to certify the class action.

On November 19, 2009, a Stipulation for Settlement and a motion for preliminary approval of the proposed settlement were filed. According to the Stipulation, the proposed settlement is in the amount of $29,400,000.00. On December 7, 2009, Judge Carter preliminarily approved the settlement and the Settlement Hearing was set for March 15, 2010.

On April 26, 2010, Judge Carter approved the final settlement and dismissed the action with prejudice. Plaintiff’s Counsel was awarded 25% of the settlement fund for fees and $612,726.66 for expenses.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: QSFT
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: C.D. California
DOCKET #: 06-CV-06863
JUDGE: Hon. S. James Otero
DATE FILED: 10/27/2006
CLASS PERIOD START: 11/09/2001
CLASS PERIOD END: 07/03/2006
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Hulett Harper Stewart LLP
    525 B Street, Suite 760, Hulett Harper Stewart LLP, CA 92101
    619..338.1133 619..338.1139 · office@hulettharper.com
  2. Wolf Popper, LLP
    845 Third Avenue, Wolf Popper, LLP, NY 10022-6689
    877.370.7703 212.486.2093 · IRRep@wolfpopper.com
No Document Title Filing Date
COURT: C.D. California
DOCKET #: 06-CV-06863
JUDGE: Hon. S. James Otero
DATE FILED: 01/18/2008
CLASS PERIOD START: 11/09/2001
CLASS PERIOD END: 07/03/2006
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Wolf Popper, LLP
    845 Third Avenue, Wolf Popper, LLP, NY 10022-6689
    877.370.7703 212.486.2093 · IRRep@wolfpopper.com
No Document Title Filing Date
No Document Title Filing Date