Lawsuit Overview
Settlement Overview
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April 22, 2011 - The court ordered the authorization of the distribution of the net settlement fund.
March 3, 2011 - The court granted a renewed application for attorneys' fees and expenses.
August 18, 2010 - The U.S. Court of Appeals for the Ninth Circuit ordered the judgment of the district court is vacated and the matter is remanded for further proceedings.
October 23, 2008 - An objector filed a notice of appeal against the order on the motion for attorneys' fees and expenses.
September 26, 2008 - The court granted the motion for attorneys’ fees and expenses.
September 25, 2008 - The court approved the settlement and dismissed the action with prejudice.
June 4, 2008 - The court preliminarily approved the settlement.
May 16, 2008 - Parties filed a stipulation of settlement.
July 30, 2007 - The court granted the defendants‘ motions to dismiss and granted plaintiffs leave to file an amended complaint.
November 17, 2006 - Defendants filed numerous motions to dismiss.
September 8, 2006 - The lead plaintiffs filed a consolidated complaint on behalf of investors who purchased Mercury Interactive Corporation (OTC: MERQ) common shares October 17, 2000 to November 1, 2005. The lead plaintiffs allege that the defendants the Securities Exchange Act of 1934 by issuing false and misleading statements between October 17, 2000 to November 1, 2005.
May 5, 2006 - The lead plaintiffs and lead counsel were appointed.
December 8, 2005 - All cases were consolidated.
October 25, 2005 - An additional investor filed a complaint in the U.S. District Court for the Northern District of California on behalf of investors who purchased Mercury Interactive Corporation (OTC: MERQ) common shares October 22, 2003 to October 4, 2005.
October 20, 2005 - A lead plaintiff motion was filed.
September 23, 2005 - Another investor filed a complaint in the U.S. District Court for the Northern District of California on behalf of investors who purchased Mercury Interactive Corporation (OTC: MERQ) common shares October 22, 2003 to August 30, 2005.
August 25, 2005 - Plaintiffs filed a corrected complaint.
August 19, 2005 - An investor in shares of Mercury Interactive Corporation (OTC: MERQ no longer active and acquired by HP November 2006) filed a lawsuit against Mercury Interactive Corporation over alleged violations of Federal Securities Laws between October 22, 2003 and July 5, 2005.
The complaint alleges that from October 22, 2003 and July 5, 2005, Mercury Interactive Corporation, and certain of its officers and directors, were directly involved in Mercury Interactive Corporation at the highest levels and were privy to confidential proprietary information concerning Mercury Interactive Corporation and its business, operations, growth, financial statements and financial condition, as alleged herein. It further alleges that certain of Mercury Interactive Corporation's offices and directors were involved in drafting, producing, reviewing and/or disseminating the materially false and misleading press releases, statements and information alleged herein, knew or recklessly disregarded that materially false and misleading statements were being issued regarding Mercury Interactive Corporation, and approved or ratified these statements, in violation of the Federal Securities Laws. In addition to those allegations, the complaint further claims that each individual defendant had knowledge of Mercury Interactive Corporation’s problems and was motivated to conceal such problems.
More specifically, the complaint alleges that Mercury Interactive Corporation, and certain of its officers and directors, (a) deceived the investing public regarding Mercury Interactive Corporation’s prospects and business; (b) artificially inflated the prices of Mercury Interactive Corporation’s publicly traded securities; (c) facilitated continued sales of its $500 million Zero Coupon Senior Convertible Notes due 2008; (d) allowed defendants to obtain larger bonuses which were directly tied to Mercury Interactive Corporation’s falsified performance; (e) provided defendants with an opportunity to successfully negotiate employment contracts on highly favorable terms; (f) allowed defendants to sell over 135,000 shares of Mercury Interactive Corporation stock at inflated prices, for proceeds of approximately $6.1 million and (g) caused plaintiff and other members of the class to purchase Mercury Interactive Corporation’s publicly traded securities at inflated prices.