A class action lawsuit was filed in the U.S. District Court of Maryland on behalf of purchasers (the "Class") of V-One Corporation common stock on November 30, 1999.
V-One develops markets and licenses network security products that enable organizations to conduct secured electronic transactions and information exchange using public switched networks, such as the Internet.
The defendants include V-One and certain of its officers. The Complaint charges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10-b(5). The action arises from damages incurred by the Class as a result of a scheme and common course of conduct by defendants which operated as a fraud and deceit on the Class during the Class Period. Defendants' scheme included rendering false and misleading statements and/or omissions concerning the present and future financial condition and business prospects of the Company, as well as the financial benefits that would enure to V-One and its shareholders.

Update

On February 20, 2001, the court entered an order dismissing this case in its entirety.