WatchGuard Technologies, Inc. ("WatchGuard" or the Company) (NASDAQ:WGRD) is a network security company based in Seattle, Washington.

Filed on April 24, 2007, the amended Complaint alleges that certain private equity fund Defendants acquired WatchGuard by assembling ownership positions on insider information in violation of the federal securities laws.

The amended class action Complaint was filed on behalf of: a) shareholders of WatchGuard that cashed out or tendered their WatchGuard shares pursuant to the October 4, 2006 "going private" transaction, and b) shareholders that purchased WatchGuard common stock from March 14, 2006 through March 22, 2006 (the class period). Plaintiff seeks to recover damages on behalf of the punitive members of the class.

On June 25, 2007 Defendants filed a motion to dismiss the amended Complaint against them. Additionally, on July 27, 2007, the judge entered an order appointing Pennsylvania Avenue Funds as lead Plaintiff. On July 27, 2007, the Court entered the Order granting the Plaintiff’s motion to appoint the Pennsylvania Avenue Funds as lead Plaintiff and its choice of lead Counsel.

According to an article dated March 15, 2008, on February 13, 2008, the U.S. District Court for the Western District of Washington granted a Defendant company's motion to dismiss a securities fraud class action for lack of scienter.

On April 16, 2008, a Second Amended Complaint was filed with the court. On March 30, 2009, an Order by the court granted the Defendants’ motions to dismiss the Complaint with prejudice and without leave to amend.