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Quest Software Inc (NASDAQ: QSFT) Investor Securities Class Action Lawsuit 10/27/2006

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Lawsuit Overview

Company
Quest Software, Inc.
Security
NASDAQ: QSFT

Case Name
Quest Software Shareholder Investor Securities Class Action Lawsuit 10/27/2006
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Central District of California

Class Period Begin
Class Period End
Deadline To File for Lead
Settlement Notice
quest_software_inc_settlement_notice_12_2009.pdf
Settlement Proof
quest_software_inc_settlement_proof_12_2009.pdf
Filed Complaint
quest_software_inc_original_filing_edited_10_2006.pdf
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Settlement Overview

Date Settled
Date Settled
Settlement Amount
$29,400,000.00
Deadline to Participate in Settlement

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Summary

April 26, 2010 - The court held a final settlement hearing, approved the settlement, entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissed the action with prejudice.
December 7, 2009 - The court preliminarily approved the settlement.

November 19, 2009 - Parties filed a stipulation of settlement.

July 10, 2008 - The court granted in part and denied in part the defendants' motions to dismiss.

March 4, 2008 - Two individual defendants filed motions to dismiss.

February 26, 2008 - The defendants filed motions to dismiss.

January 18, 2008 - The lead plaintiff filed a second amended complaint.

October 22, 2007 - The court granted in part and denied in part the defendant's motion to dismiss.

Mar 25, 2007 - The defendants filed a motion to dismiss.

March 26, 2007 - The lead plaintiff filed an amended complaint.

January 22, 2007 - The lead plaintiff and lead counsel were appointed.

December 28, 2006 - A lead plaintiff motion was filed.

October 27, 2006 - An investor in shares of Quest Software Inc (NASDAQ: QSFT) filed a lawsuit in the U.S. District Court for the Central District of California against Quest Software Inc over alleged violations of Federal Securities Laws between November 9, 2001 through July 3, 2006.

The complaint alleges that during that time, Quest Software Inc knowingly or with deliberate recklessness , failed to disclose and concealed through various false statements and omissions that they did not properly account for issuing stock option grants at prices which were below fair market value on the actual grant date.

The complaint further claims Quest Software Inc knowingly or with deliberate recklessness , failed to properly account for the issuance of below market price options and therefore understated compensation expense and overstated operating and net income. Quest Software Inc's failure to properly account for below market price options and the issuance of false financial statements caused Quest Software Inc common shares to trade at inflated prices.

Quest Software Inc was acquired by Dell Inc on September 27, 2012.

quest_software_inc_original_filing_edited_10_2006.pdf
Date Settled