Case Page

 

Case Status:    DISMISSED    
On or around 01/06/2015 (Other)

Filing Date: October 08, 2014

According to the Complaint, Defendant Model N is a Revenue Management solutions provider to the life science and technology industries.

On December 11, 2012, Model N filed with the SEC a confidential draft Registration Statement on Form S-1, which would later be utilized for the IPO following several amendments in response to various rounds of comments by the SEC and being filed with the SEC publicly on February 13, 2013.

The Complaint alleges that The Registration Statement was negligently prepared and, as a result, contained untrue
statements of material facts and/ or omitted to state facts necessary to make the statements made not misleading and was not prepared in accordance with the rules and regulations governing its preparation. Specifically, at the time of the IPO, Model N was then experiencing a disruption in its sales force which was negatively impacting the Company's ability to close sales and causing significant sales execution issues. Given the Company' s extended sales cycle for its products, the Company' s sales execution issues were highly likely to impact the Company's continuing operations, as the Company lost sales opportunities or sales were delayed, and, therefore, these issues were required to be disclosed in the Registration Statement but were not.

On January 5, 2015, the Court issued an Order granting the motion to remand this case. This action was remanded to the Superior Court of the State of California for the County of San Mateo.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: MODN
Company Market: New York SE
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 #: 14-CV-04516
JUDGE: Hon. Laurel Beeler
DATE FILED: 10/08/2014
CLASS PERIOD START: 03/20/2013
CLASS PERIOD END: 09/05/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Labaton Sucharow LLP
    140 Broadway, Labaton Sucharow LLP, NY 10005
    212.907.0700 212.818.0477 · info@labaton.com
  2. Robbins Geller Rudman & Dowd LLP (San Francisco)
    100 Pine Street, Suite 2600, Robbins Geller Rudman & Dowd LLP (San Francisco), CA 94111
    415.288.4545 415.288.4534 ·
No Document Title Filing Date