A class action complaint was filed on behalf of all persons who acquired BroadVision, Inc. (NASDAQ:BVSN) securities between January 26, 2001 and April 2, 2001, inclusive (the "Class Period"). The complaint charges that BroadVision, Inc. ("BroadVision" or the "Company") and certain of its officers and directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
The complaint alleges that BroadVision's stock price had significantly declined in late 2000 because of a reduced demand for its products. By the time the Company reported its 4thQ 00 results, defendants knew of the reduced demand and that the Company had a problem with out of control expenses. Defendants also knew BroadVision's new version of its One-to-One Enterprise product did not meet current industry standards, reducing demand for the new product and impacting BroadVision's future results. The complaint alleges that despite defendants' knowledge of these conditions, defendants continued to issue false statements about BroadVision's business and future revenues when reporting BroadVision's 4thQ 00 results. Then, on April 2, 2001, after the close of market, BroadVision announced its preliminary 1stQ 01 results, the revision of its previously reported 4thQ 00 results and a one-time charge in the 2ndQ 01. BroadVision's stock immediately declined on April 3, 2001.
The complaint alleges that as a result of the defendants' conduct, plaintiff and other members of the Class suffered damages.

Update

On September 12, 2002, the court granted defendants' motion to dismiss plaintiffs' consolidated amended complaint, effectively ending the action.