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If you purchased shares of Cadence Design Systems Inc (NASDAQ: CDNS), you might have certain options and should contact the Shareholders Foundation, Inc.
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To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Lawsuit Overview
Settlement Overview
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April 24, 2012 - The court approved the settlement, entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissed the action with prejudice.
November 15, 2011 - The court preliminarily approved the settlement.
June 15, 2011 - Parties filed a stipulation of settlement.
April 20, 2010 - The plaintiff that filed the November 4, 2008 lawsuit voluntary dismissed their action without prejudice.
March 2, 2010 - The court denied the defendants' motion to dismiss.
November 20, 2009 - The defendants filed a motion to dismiss.
October 14, 2009 - The lead plaintiff filed an amended complaint.
September 11, 2009 - The court granted the defendants' motion to dismiss without prejudice and granted lead plaintiff leave to file an amended complaint.
June 8, 2009 - The defendants filed a motion to dismiss.
April 24, 2009 - The lead plaintiff filed an amended consolidated complaint on behalf of investors who purchased Cadence Design Systems Inc (NASDAQ: CDNS) common shares between April 23, 2008 and December 10, 2008. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between April 23, 2008 and December 10, 2008.
March 4, 2009 - The lead plaintiff and lead counsel were appointed and all cases were consolidated.
December 29, 2008 - Lead plaintiff motions were filed.
November 4, 2008 - Another investor filed a complaint.
October 29, 2008 - An investor in shares of Cadence Design Systems Inc (NASDAQ: CDNS) filed a lawsuit in the U.S. District Court for the Northern District of California against Cadence Design Systems Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between April 23, 2008 and October 22, 2008.
According to the complaint the plaintiff alleges that Cadence Design Systems Inc and certain of its current and former officers violated the Securities Exchange Act of 1934 by misrepresenting Cadence Design Systems Inc’s financial performance and prospects, overstating its revenues, and causing it to file false and misleading financial statements with the SEC. Specifically the plaintiff alleges that the defendants allegedly caused Cadence Design Systems Inc to improperly report approximately $24 million in revenue in the first quarter of 2008 and in the six months ended June 28, 2008 that will not be earned until the later quarters and, therefore, should be properly recognized ratably over the duration of the customer contracts. Reportedly Cadence Design Systems Inc announced on October 15, 2008 the departures of its Chief Executive Officer and four other senior executives. The price of Cadence common stock dropped approximately 15%. Then on October 22, 2008, defendants surprised investors by acknowledging that the Cadence Design Systems Inc was reviewing the recognition of revenue related to customer contracts signed in the first quarter of 2008 and that it expected to restate its financial statements not only for that quarter, but also the first half of 2008 and as a result of this news Cadence Design Systems Inc’s stock price dropped another 25%, as the artificial inflation caused by defendants’ false and misleading statements came out of the stock price, so the lawsuit.