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Verisign Inc (NASDAQ: VRSN) Investor Securities Class Action Lawsuit 01/16/2013

  • If you purchased shares of VeriSign Inc (NASDAQ: VRSN), you might have certain options and should contact 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

Case Dismissed
Company
VeriSign Inc.
Security
NASDAQ: VRSN

Case Name
VeriSign Shareholder Class Action Lawsuit 01/16/2013
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Eastern District of Virginia

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

June 25, 2013 - The lead plaintiff filed a notice of voluntary dismissal of the action with prejudice.
April 12, 2013 - The lead plaintiff and lead counsel were appointed.

March 18, 2013 - A lead plaintiff motion was filed.

January 16, 2013 - An investor in shares of VeriSign Inc (NASDAQ: VRSN) filed a lawsuit in the U.S. District Court for the Eastern District of Virginia over alleged violations of Federal Securities Laws by VeriSign Inc in connection certain allegedly false and misleading statements made between June 25, 2012 and October 25, 2012.

According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased the common stock of VeriSign Inc (NASDAQ: VRSN) between June 25, 2012 and October 25, 2012, that VeriSign Inc and certain of its officers and directors violated the Securities Exchange Act of 1934. Specifically, the plaintiff alleges that between June 25, 2012 and October 25, 2012, defendants allegedly highlighted the purported strong growth in VeriSign Inc.'s domain name registrations and led the market to believe that 2012 third quarter renewals were progressing with equal vigor.

However, then on October 25, 2012, VeriSign Inc (NASDAQ: VRSN) announced its third quarter 2012 financial results. Among other things, VeriSign Inc also said that as a result of communications beginning in October 2012 with the Commerce Department, VeriSign Inc has concluded that the Commerce Department may not complete its review and approve the renewal of the .com Registry Agreement prior to its expiration on Nov. 30, 2012, and that the Commerce Department, together with the Department of Justice, is reviewing the .com Registry Agreement's pricing terms.

On November 30, 2012, VeriSign Inc (NASDAQ: VRSN) announced that the U.S. Department of Commerce approved the renewal of VeriSign Inc's agreement with the Internet Corporation for Assigned Names and Numbers (ICANN) to serve as the authoritative registry operator for the .com registry for the term commencing on Dec. 1, 2012 through Nov. 30, 2018 with certain new terms and conditions.

Shares of VeriSign Inc (NASDAQ: VRSN) declined from almost $50 in early October 2012 to as low as $33.11 per share on November 30, 2012.

On Jan. 16, 2013, NASDAQ: VRSN closed at $39.25 per share.