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Law Offices of Todd M. Garber Announces Class Action Lawsuit Against VeriSign, Inc.

2013-03-13 19:31 ET - News Release


LOS ANGELES -- (Business Wire)

The Law Offices of Todd M. Garber announces that a class action lawsuit has been filed in the United States District Court for the Eastern District of Virginia on behalf of all purchasers of the common stock of VeriSign, Inc. (“VeriSign” or the “Company”) (NASDAQ:VRSN) between June 25, 2012 and October 25, 2012, inclusive (the “Class Period”).

The Complaint alleges that the Company misrepresented and/or failed to disclose that: (1) challenges to the Company’s registry pricing scheme made it more likely the U.S. Department of Justice and Department of Commerce would demand price concessions in exchange for leaving VeriSign in charge of operating the .com and .net networks; (2) the Company’s growth in domain name registrations was declining; (3) VeriSign was relying heavily on revenues from “parking” websites and other lower-quality websites focused on drawing in and monetizing traffic, rather than in providing pertinent business leads; (4) defendants knew that Google and other Internet search engines had been improving the quality of their search results by adjusting their algorithms to lower the rankings of subpar-quality websites; (5) subpar domain name owners had stopped renewing their agreements with VeriSign as a result of the Internet search engine’s efforts to discourage them by demonetizing their practices; and (6) as a result, defendants knew VeriSign’s fiscal year 2012 earnings guidance was not attainable.

No class has yet been certified in this action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased VeriSign common stock during the Class Period, you have certain rights, and have until March 18, 2013 to move for lead plaintiff status. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning your rights or interests with respect to these matters, please contact Todd M. Garber, Esquire, of the Law Offices of Todd M. Garber, by telephone at 213-700-7262 or by email to info@toddgarberlaw.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts:

Law Offices of Todd M. Garber
Todd M. Garber, Attorney at Law
Los Angeles, California
213-700-7262
info@toddgarberlaw.com

Source: Law Offices of Todd M. Garber

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