Verisign, Inc. : VeriSign Shareholder Alert: Briscoe Law Firm and Powers Taylor, LLP Announce Investigation of Possible Breaches of Fiduciary Duty
01/18/2013| 03:40pm US/Eastern
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Former United States Securities and Exchange Commission attorney Willie
Briscoe, founder of The
Briscoe Law Firm, PLLC, and the securities litigation firm of Powers
Taylor, LLP announce that the firms are investigating legal claims
against the officers and Board of Directors of VeriSign, Inc.
("VeriSign" or "Company") (NASDAQ: VRSN) related to potential securities
violations between June 25, 2012 and October 25, 2012 (the "Class
Period").
If you are an affected investor and you want to learn more about the
lawsuit or join the action, contact Willie Briscoe at The Briscoe Law
Firm, PLLC, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com,
or Zachary Groover at Powers Taylor, LLP, toll free (877) 728-9607, via
e-mail at zach@powerstaylor.com.
There is no cost or fee to you.
In a recently filed federal class action complaint, VeriSign and certain
of its officers and directors were charged with violating certain
provisions of the Securities Exchange Act of 1934. Specifically, the
complaint alleges that defendants' misrepresented and/or failed to
disclose that: (a) challenges to the Company's registry pricing scheme
that defendants knew about but concealed from the market made it more
likely than not that the U.S. DOJ and Department of Commerce would
demand price concessions in exchange for leaving VeriSign in charge of
operating the .com and .net networks; (b) VeriSign's growth in domain
name registrations was in decline; (c) VeriSign was relying heavily on
revenues from "parking" websites and other dubious websites focused on
drawing in and monetizing traffic, rather than in providing cogent
business leads; (d) Defendants knew that Google and other Internet
search engines had been tweaking their algorithms to improve the quality
of their search results by ranking lower subpar quality websites, such
as those which are not updated often or provided little or no content;
(e) 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 (f) as a result,
Defendants knew VeriSign's fiscal year 2012 earnings guidance was not
attainable. According to the complaint, when VeriSign finally reported
this news and the financial results for its third fiscal quarter of
2012, VRSN shares dropped dramatically.
"Recent revelations about alleged improper business practices and
procedures regarding key aspects of VeriSign's business and other
misleading financial statements have prompted the firms to investigate
possible breaches of fiduciary duties and other violations of state law
by VeriSign's officers and directors. Based on our investigation, we are
prepared to pursue litigation to preserve the company and the value of
VeriSign/VRSN stock for all shareholders," said shareholder rights
attorney Willie Briscoe.
The
Briscoe Law Firm, PLLC is a full service business litigation,
commercial transaction, and public advocacy firm with more than 20 years
of experience in complex litigation and transactional matters.
Powers
Taylor, LLP is a boutique litigation law firm that handles a variety
of complex business litigation matters, including claims of investor and
stockholder fraud, shareholder oppression, shareholder derivative suits,
and security class actions.
The Briscoe Law Firm, PLLC
Willie Briscoe, 214-706-9314
WBriscoe@TheBriscoeLawFirm.com
or
Powers
Taylor, LLP
Zachary Groover, 877-728-9607
zach@powerstaylor.com
© Business Wire 2013
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