Verity develops, markets and supports search engine software designed for large enterprises. Verity specializes in search engines that organize navigation of corporate intranets, extranets and e-commerce sites.
The defendants include Verity, Anthony Bettencourt, Gary J. Sbona, James E. Ticehurst. The complaint charges that these insiders violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10-b(5) and profited from their actions by selling stock worth approximately $8.8 million at artificially inflated prices during the Class Period. The complaint further alleges that the Class suffered damages 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. According to the complaint, 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 Verity and its shareholders.
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