Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit Against VeriSign, Inc.
Glancy Binkow & Goldberg LLP announces that a class action lawsuit has been filed in the United States District Court for the Eastern District of Virginia on behalf of a class (the “Class”) comprising all purchasers of the common stock of VeriSign, Inc. (“VeriSign” of the “Company”) (NASDAQ: VRSN) between June 25, 2012 and October 25, 2012, inclusive (the “Class Period”).
VeriSign, Inc. provides Internet infrastructure services to various networks worldwide. The Company offers registry services that operate the authoritative directory of .com, .net, .tv, and other domain names, in addition to the back-end systems for .gov and .edu domain names, among others. The Complaint alleges that throughout the Class Period the Company and certain of its executive officers issued materially false and misleading statements regarding the Company's business, operations and prospects. Specifically, the Complaint alleges that defendants 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.
If you are a member of the Class described above, you may move the Court, no later than March 18, 2013 to serve as lead plaintiff; however, you must meet certain legal requirements. If you wish to learn more about this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, by telephone at 310-201-9150 or Toll-Free at 888-773-9224, by e-mail to firstname.lastname@example.org, or visit our website at http://www.glancylaw.com.
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