Court Report

Class Action

Network Associates (NAI) announced an offer to pay $70 million to settle a class action brought by shareholders who allege the company used improperly booked revenues to ramp up its share price. According to the lawsuit the IT security firm misled investors during the late 1990s by recording software sales when technology was shipped to distributors instead of when users actually bought product, a practice known as channel stuffing.

• NAI Offers $70m to Settle Class Action Suit
• VeriSign Hit With Class-Action Lawsuit
• Class-Action Alleges Polaroid Broke Law

Posted by Editor at September 30, 2003 04:21 AM