In Re SeeBeyond Technologies Corp. Securities Litigation

Good Law

266 F. Supp. 2d 1150·2003 WL 21262498·2003 U.S. Dist. LEXIS 9028

United States District Court, Central District of CaliforniaMay 28, 2003CV 02-05330 DDPFMOX, CV 02-05721 DDPFMOX, CV 02-05760 DDPFMOX, CV 02-05890DDPFMOX, CV 02-05927DDPFMOX, CV 02-05952DDPFMOX, CV 02-06052DDPFMOX, CV 02-06204DDPFMOX, CV 02-06264DDPFMOXCalifornia10,095 words

Opinion

Pregerson, J.

ORDER GRANTING IN PART THE DEFENDANTS’ MOTION TO DISMISS

This matter comes before the Court on the defendants’ motion to dismiss. After reviewing and considering the materials submitted by the parties, the Court grants the defendants’ motion in part.

BACKGROUND

This is a securities class action lawsuit against SeeBeyond Technologies Corporation (“SeeBeyond”), and three of its officers and directors (the “individual defendants”). Defendant SeeBeyond provides business-integration software that facilitates the real-time flow of information within companies and among companies’ customers, suppliers, and partners through the integration of business processes and systems. SeeBeyond derives revenue from three primary sources: licenses, services, and maintenance.

The plaintiffs are a class of investors who bought SeeBeyond’s publicly-traded stock between December 10, 2001, and May 7, 2002, inclusive (the “Class Period”). The plaintiffs filed suit when the price of SeeBeyond’s stock dropped following its April 22, 2002, announcement of a revenue shortfall.

The lead plaintiff, Fuller & Thaler Asset Management (referred to generally as the “plaintiff’), asserts a cause of action against…

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