Blue Coat Systems Inc Investor Securities Class Action Lawsuit 08/30/2011

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Company Name(s): 
Blue Coat Systems
Case Name: 
Blue Coat Systems Shareholder Class Action Lawsuit 08/30/2011
Case Status: 
Case Dismissed
Affected Securities
NASDAQ: BCSI
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
08/30/2011
Class Period Begin: 
11/24/2009
Class Period End: 
08/19/2010
Court of Filing: 
U.S. District Court for the Northern District of California
Deadline To File for Lead: 
10/31/2011
Case Dismissed: 
09/23/2013
Summary: 

September 23, 2013 - The court granted defendants' motion to dismiss without leave to amend.

April 26, 2013 - Defendants filed a motion to dismiss.

February 25, 2013 - The lead plaintiff filed a second amended complaint on behalf of investors who purchased Blue Coat Systems Inc (NASDAQ: BCSI) common shares between November 24, 2009 and August 19, 2010. The plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between November 24, 2009 and August 19, 2010.

January 25, 2013 - The court granted defendants' motion to dismiss with leave to amend.

April 17, 2012 - Defendants filed a motion to dismiss.

February 21, 2012 - The lead plaintiff filed an amended consolidated complaint.

December 12, 2011 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.

October 31, 2011 - Lead plaintiff motions were filed.

August 30, 2011 - An investor in shares of Blue Coat Systems Inc (NASDAQ: BCSI) filed a lawsuit in the U.S. District Court for the Northern District of California against Blue Coat Systems over alleged Violations of Federal Securities Laws.

According to the complaint the plaintiff alleges on behalf of those purchasing the common stock of Blue Coat Systems Inc (NASDAW: BCSI) between November 24, 2009 and May 27, 2010, that Blue Coat Systems Inc and certain of its officers violated the Securities Exchange Act of 1934 by issuing allegedly false and misleading statements.

Blue Coat Systems Inc’s 12months Total Revenue rose from $305.44million reported on April 30, 2008 to $487.11million reported on April 30, 2011 and its Net Income increased over the same time frame from $32.57million to $43.16million.

Shares of Blue Coat Systems Inc (NASDAQ: BCSI) increased from as low as $7.50 per share to over$35.47 per share in April 2010.

Then on May 27, 2010, so the lawsuit, defendants announced after the close of trading that the demand for Blue Coat Systems Inc's product and services offerings had significantly weakened in "almost every country in Europe" and defendants also disclosed that Blue Coat System Inc had been unable to close multiple sales in Europe.

Since April 2010 BCSI stocks fell from over $35 per share to recently $14.90 per share.