Judge Dismisses Shareholder Class Action Against Siebel Systems with Prejudice
January 17 2006 - 4:15PM
Business Wire
Siebel Systems, Inc. (NASDAQ:SEBL) today announced that on December
28, 2005, U.S. District Judge Charles R. Breyer dismissed with
prejudice a shareholder suit filed in 2004 against both Siebel
Systems, Inc. ("Siebel Systems") and a number of its executive
officers. The plaintiffs alleged that various false and misleading
statements were made by Siebel Systems concerning high customer
satisfaction levels and the release of the Siebel 7 product. The
Court rejected the plaintiffs' allegations in their entirety. Judge
Breyer ruled that the plaintiffs' allegations "taken individually
or as a whole" did not indicate any false statement or any intent
to defraud. By dismissing the complaint in its entirety and with
prejudice, Judge Breyer entered judgment in favor of Siebel Systems
and its executive officers. Siebel Systems will seek to recover its
costs in this matter from the plaintiffs. About Siebel Systems
Siebel Systems is a leading provider of software solutions and
services that drive value and loyalty in client-customer
relationships, providing best-in-class capabilities in on-premise
and hosted customer relationship management (CRM), business
analytics, and customer data integration. Siebel's new Customer
Adaptive Solutions enable organizations to model their
customer-centric business processes in order to drive the most
effective customer interactions, gain increased insight over time,
and continually realign those processes for systemic and consistent
improvement. With more than $2 billion in R&D investments,
11-plus years of customer software experience, an extensive global
ecosystem of alliance partners, and more than 4,000 customers and
3.7 million live users, Siebel is the proven choice in helping
organizations of all types and sizes achieve customer-driven
business results. For more information, visit www.siebel.com. For
more information on Siebel Systems solutions and services, please
visit our Web site: CRM - http://www.siebel.com/crm; OnDemand
Solutions - http://www.crmondemand.com; Industry CRM -
http://www.siebel.com/industry-crm; Call Center and Service -
http://www.siebel.com/call-center; Sales Force Automation -
http://www.siebel.com/sales-force-automation; Marketing Automation
- http://www.siebel.com/marketing-automation; Business Intelligence
- http://www.siebel.com/business-intelligence; Integration
Solutions - http://www.siebel.com/integration-solutions; CRM
Services - http://www.siebel.com/crm-services . Except for the
historical information contained herein, this press release
contains forward-looking statements that involve risk or
uncertainties. Future operating results of Siebel Systems may
differ from the results discussed or forecasted in the
forward-looking statements due to factors that include, but are not
limited to, risks associated with our pending merger with Oracle
Corporation, customer relations, such as the availability of Siebel
Systems' products and services, customer implementation of products
and services, relationships with customers, third-party vendors and
systems integrators, concentration of revenues in a relatively
small number of customers, existence of errors or defects in
products, ability to successfully manage growth, significant
current and expected additional competition and the need to
continue to expand product distribution and services offerings.
Further information on potential factors that could affect the
financial results of Siebel Systems are included in Siebel Systems'
Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and its
other filings with the Securities and Exchange Commission, which
are available at www.sec.gov. Siebel Systems assumes no obligation
to update the information in this press release. Siebel is a
trademark of Siebel Systems, Inc. and may be registered in certain
jurisdictions. All other product and company names mentioned are
the property of their respective owners and are mentioned for
identification purposes only.
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