-
You must submit the settlement Proof form attached below, in order to participate in this settlement. There is a strict deadline of March 28, 2016 by which all claims must be submitted. The instructions for submitting are included in the Proof and the Notice files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, INC.
-
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
You must register to view and download the Settlement Notice and Settlement Proof.
April 4, 2016 - The court approved the settlement.
December 7, 2015 - The court preliminarily approved the settlement.
November 20, 2015 - A stipulation of settlement was filed by the parties.
January 5, 2015 - The case was remanded back to the Superior Court of the State of California for the County of San Mateo.
October 8, 2014 - The case was remanded to the U.S. District Court for the Northern District Court of California.
September 5, 2014 - An investor in shares of Model N Inc (NYSE: MODN) filed a lawsuit in the Superior Court of the State of California for the County of San Mateo against Model N Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made in connection with the company’s March 20, 2013 initial public offering (“IPO”).
The plaintiff alleges that the Registration Statement purported to warn investors about the extended sales cycle for the Company' s products without disclosing that at the time of the IPO the Company was then experiencing sales execution issues that threatened to further impede and delay the sales process, that the Registration Statement purported to warn investors about the importance of the Company' s direct sales force, but failed to disclose the sales execution issues then facing the Company, that the company issued certain statements that were inaccurate statements of material fact because they failed to disclose that the Company 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. The plaintiff says that Model N was required to disclose at the time of the IPO that it was then experiencing sales execution issues which were highly likely to impact continuing operations, but the Registration Statement contained no such disclosures and that 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. Model N Inc reported that its Total Revenue rose from $50.44 million for the 12 months period that ended on Sept. 30, 2009 to $84.26 million for the 12 months period that ended on Sept. 30, 2012.
Shares of Model N Inc (NYSE:MODN) traded in July 2013 as high as $24.41 per share.
Then on September 9, 2013 Model N Inc provided a business update and preliminary guidance for its first quarter and its full year fiscal 2014.
Shares of Model N Inc (NYSE:MODN) declined from as high as $24.41 per share in July 2013 to as low as $7.73 per share in November 2013.