The Complaint alleges that defendants participated in a scheme or common course of conduct to artificially inflate Versant's stock price so that they could maintain their lucrative positions and so that they could dispose of a portion of their own holdings at artificially inflated prices. The Complaint further alleges that as a result of defendants' false statements, misrepresentations, and omissions, the price of Versant's common stock was artificially inflated during the Class Period and that Versant's stock was then maintained at an artificially inflated level until the defendants disclosed the dismal financial condition of the Company on or about January 13, 1998. These disclosures caused the stock price of Versant to plummet from $9 3/8, on January 12, 1998, to $5 1/8 on January 13, 1998 on volume of 2,528,700 shares, a drop of 45% in one day and a drop of over 70% from the stock's high of $18 1/4 on October 21, 1997. Plaintiff seeks to recover damages on behalf of all class members.
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