[May 26, 2005] Milberg Weiss Announces the Filing of a Class Action Suit Against TIBCO Software, Inc., And Certain of Its Officers and Directors on Behalf of Investors Tweet NEW YORK --(Business Wire)-- May 26, 2005 -- The law firm of Milberg Weiss Bershad & Schulman LLP announces that a class action lawsuit was filed on May 26, 2005, on behalf of purchasers of the securities of TIBCO Software, Inc. ("TIBCO" or the "Company") (Nasdaq: TIBX) between September 21, 2004 and March 1, 2005, inclusive (the "Class Period"), seeking to pursue remedies under the Securities Exchange Act of 1934 (the "Exchange Act"). If you bought the securities of TIBCO between September 21, 2004 and March 1, 2005, inclusive, and sustained damages, you may, no later than July 26, 2005, request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Milberg Weiss Bershad & Schulman LLP, or other counsel of your choice, to serve as your counsel in this action. The action is pending in the United States District Court for the Northern District of California against defendants TIBCO, Vivek Y. Ranadive (CEO, Pres., Chairman), Christopher G. O'Meara (Chief Financial Officer), Sydney Carey (Controller, Chief Accounting Officer), Rajesh U. Mashruwala (COO). A copy of the complaint filed in this action is retrievable from the Court using the case number C-05-2146 (SBA), or can be viewed on Milberg Weiss's website at: http://www.milbergweiss.com The complaint alleges that defendants' Class Period representations regarding TIBCO were materially false and misleading when made for the following reasons: (i) TIBCO's integration of the Staffware PLC acquisition was not proceeding as well as defendants represented; (ii) that Staffware was performing well below expectations; and (iii) TIBCO did not maintain an adequate system of internal financial, operational or disclosure controls so as to reasonably assure the accuracy, completeness and veracity of the Company's public statements and representations to investors. On March 1, 2005, defendants announced that TIBCO's results for 1Q:F05 were well below guidance. In fact, shares of TIBCO were halted in after-market trading after the Company revealed that preliminary data showed that Q1:F05 revenues would reach well below the FirstCall consensus mean estimates. While defendants had previously stated that the Staffware acquisition was substantially completed and that the integration was proceeding according to plan, defendants now revealed that this was not true and that weakness in Europe and delays in closing deals would result in non-GAAP earnings per share well between consensus mean estimates. During TIBCO's 1Q:F05 conference call, defendant Ranadive revealed that Staffware not only remained unintegrated, but because of integration-related problems, European sales had been paralyzed. The following day, as shares of TIBCO resumed trading, the Company's stock price declined precipitously, falling from a close of $8.90 per share in regular trading on March 1, 2005, to below $7.00 the following day, on very high trading volume of over 52 million shares. Market commentators stated that the decline would have been worse had TIBCO stock not evidenced an uncharacteristic trading pattern in the days immediately prior to defendants' belated disclosure, which indicated that the negative news may have been leaked to certain investors. Milberg Weiss Bershad & Schulman LLP (http://www.milbergweiss.com) is a firm with over 100 lawyers with offices in New York City, Los Angeles, Boca Raton, Delaware, Seattle and Washington, D.C. and is active in major litigations pending in federal and state courts throughout the United States. Milberg Weiss has taken a leading role in many important actions on behalf of defrauded investors, consumers, and others for nearly 40 years. Please contact the Milberg Weiss website for more information about the firm. If you wish to discuss this action with us, or have any questions concerning this notice or your rights and interests with regard to the case, please contact the following attorneys: -0- *T Steven G. Schulman Peter E. Seidman Andrei V. Rado One Pennsylvania Plaza, 49th fl. New York, NY, 10119-0165 Phone number: (800) 320-5081 Email: [email protected] Website: http://www.milbergweiss.com *T [ Back To TMCnet.com's Homepage ]