In Re Ramp Networks, Inc. Securities

In Re Ramp Networks, Inc. Securities Litigation

Good Law

201 F. Supp. 2d 1051·2002 WL 862956·2002 U.S. Dist. LEXIS 5157

United States District Court, Northern District of CaliforniaMarch 1, 2002C-00-3645 JCSCalifornia13,565 words

Opinion

Spero, J.

ORDER GRANTING DEFENDANTS’ MOTION TO DISMISS SECOND AMENDED COMPLAINT WITH LIMITED LEAVE TO AMEND

Defendants’ Motion to Dismiss Second Amended Complaint (“the Motion”) came on for hearing on Friday, January 25, 2002, at 9:30 a.m. For the reasons stated below, Defendants’ Motion is GRANTED and Plaintiffs’ Second Amended Complaint is DISMISSED, in part with leave to amend and in part without leave to amend.

I. INTRODUCTION

Plaintiffs bring this securities class action on behalf of public investors who purchased securities from Ramp Networks, Inc. (“Ramp”) during the class period from November 15, 1999, through September 29, 2000. Second Amended Complaint (“SAC”) at 1, ¶ 1. Plaintiffs allege that Ramp “manipulated the Company’s financial and accounting systems and materially overstated Ramp’s publicly-reported financial results throughout the Class period.” SAC at 1, ¶ 3. Plaintiffs are suing Ramp and two individual defendants, Mahesh Veerina (CEO, President and Chairman of the Board of Ramp throughout the class period) and Timothy McElwee (Vice-President of Worldwide Sales for Ramp until March 31, 2000), for allegedly making false and misleading statements or omissions in…

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