In Re Sybase, Inc. Securities Litigation

MEMORANDUM DECISION AND ORDER

In this securities fraud “forecasting” case brought against Sybase, Inc. (“Sy-base”), a California corporation and a leading developer of relational database management system software, having its principal place of business in Emeryville, California, and certain Sybase’s top officers and directors, sixteen plaintiffs represented by Milberg Weiss Bershad Hynes & Lerach, a nationally recognized plaintiffs’ securities firm, brought this action under § 10(b) of the Securities Exchange Act of 1934, 15 U.S.C. § 78j(b), and the rules promulgated thereunder found in Rule 10b-7 of the Securities and Exchange Commission Rule. 17 C.F.R. § 240 .10b. In their class action complaint, plaintiffs allege that Sybase and certain of its officers and executives made false and misleading statements about its products and issued false earnings forecasts about the financial condition of Sybase from November 14, 1994 to April 3, 1995.

After five years of intensive investigation, during which more than 400,000 documents were produced, 100 subpoenas issued and, as a result, depositions without number taken, plaintiffs produced their evidence of fraud, consisting of the…