Lance Siegall, Et Al. V. Tibco Software Inc., Et Al. 05-CV-02146-Declaration
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1 MILBERG WEISS BERSHAD & SCHULMAN LLP 2 JEFF S . WESTERMAN (SBN 94559) ELIZABETH P . LIN (SBN 174663) 3 355 S. Grand Ave ., Suite 4170 Los Angeles, CA 90071-3172 4 Telephone: (213) 617-1200 Facsimile: (213) 617-1975 5 MILBERG WEISS BERSHAD 6 & SCHULMAN LLP 7 STEVEN G. SCHULMAN PETER E. SEIDMAN 8 One Pennsylvania Plaza New York, NY 10119 9 Telephone: (212) 594-5300 10 Facsimile: (212) 868-1229 11 Counsel for Plaintiff Nach and [Proposed] Lead Counsel 12 13 14 15 UNITED STATES DISTRICT COURT 16 NORTHERN DISTRICT OF CALIFORNI A 17 SAN FRANCISCO DIVISION 18 LANCE SIEGALL, Individually and on ) Case No. 4:05-cv-02146-SBA behalf of all others similarly situated, ) 19 DECLARATION OF ELIZABETH P . LIN Plaintiff, ) IN SUPPORT OF THE MOTION OF 20 RALPH FELTON AND SATHYA v. ) RAJASUBRAMANIAN FOR 21 CONSOLIDATION, APPOINTMENT AS TIBCO SOFTWARE INC., VIVEK Y. ) LEAD PLAINTIFF AND APPROVAL OF 22 RANADIVE, CHRISTOPHER G. ) SELECTION OF LEAD COUNSE L O'MEARA, SYDNEY CAREY and RAJESH) 23 U. MASHRUWALA, ) Date : August 30, 2005 Time: 1 :00 P.M. 24 Defendants. ) Courtroom: The Honorable Saundra B . Armstrong 25 [Caption continued on next page ] 26 27 28 DECL . OF LIN IN SUPPORT OF THE MOTION FOR CONSOLIDATION, APPOINTMENT AS CASE NO . 4 :05-cv-02146-SBA LEAD PLAINTIFF AND APPROVAL OF LEAD COUNSEL 1 RONALD BERNHEIM, Individually and on Case No. 3 :05-cv-02205-MJJ behalf of all others similarly situated , 2 Plaintiff, 3 V. 4 TIBCO SOFTWARE INC ., VIVEK Y. 5 RANADIVE, RAJESH U . MASHRUWALA, SYDNEY CAREY and CHRISTOPHER G . 6 O'MEARA, 7 Defendants. 8 JAMES J. GUZZETTI, Individually and on Case No. 3 :05-cv-02373-CRB behalf of all others similarly situated , 9 Plaintiff, 10 V. 11 TIBCO SOFTWARE INC., VIVEK Y. 12 RANADIVE, CHRISTOPHER G . O'MEARA, SYDNEY CAREY and RAJESH 13 U. MASHRUWALA , 14 Defendants. 1 5 16 17 18 19 20 21 22 23 24 25 26 27 28 DECL . OF LIN IN SUPPORT OF THE MOTION FOR CONSOLIDATION, APPOINTMENT AS CASE NO .4:05-cv-02146-SBA LEAD PLAINTIFF AND APPROVAL OF LEAD COUNSEL 1 1 I, Elizabeth P . Lin, hereby declare as follows: 2 1 . I am an associate of the law firm of Milberg Weiss Bershad & Schulman, LLP 3 ("Milberg Weiss") . I submit this declaration in support of the Motion of Ralph Felton and 4 Sathya Rajasubramanian ("Movants") for consolidation, their appointment as Lead Plaintiff, and 5 approval of their selection of Lead Counsel . 6 2. Attached hereto as Exhibit A is a true and correct copy of the first notice 7 announcing the filing of the class action, on Business Wire on May 26, 2005. 8 3 . Attached hereto as Exhibit B are true and accurate copies of the certification of 9 each of the Movants . 10 4. Attached hereto as Exhibit C is a chart detailing Movants' financial interest in this 11 matter. 12 5 . Attached hereto as Exhibit D is the firm resume of Milberg Weiss Bershad & 13 Schulman, LLP . 14 I declare under penalty of perjury under the laws of the United States of America that the 15 foregoing is true and correct . Executed July 25, 2005 in Los Angeles, California. 16 17 /s/ Elizabeth P. Lin ELIZABETH P . LIN 18 19 20 21 22 23 24 25 26 27 28 DECL . OF LIN IN SUPPORT OF THE MOTION FOR CONSOLIDATION, APPOINTMENT AS CASE NO .4 :05-cv-02146-SBA LEAD PLAINTIFF AND APPROVAL OF LEAD COUNSEL 2 EXHIBIT A Yahoo! My Yahoo! Mail Search the Web I ? ' 0_- Finance Horny - Hal FINANCE N!NZ11 Welcome [Sign tn] e To track stocks & more , Reggister Financial News Enter symbol(s) _ ;:mbol Looki Press Release Source : Milberg Weiss Bershad & Schulman LLP CORRECTING and REPLACING Milberg Weiss Announces the Filing of a Class Action Suit Against TIBCO Software, Inc ., And Certain of Its Officers and Directors on Behalf of Investors Thursday May 26, 4:17 pm ET NEW YORK-(BUSINESS WIRE)-May 26, 2005-In BW5642 issued May 26, 2005 : Second graph, first sentence: the third date mentioned should read July 25, 2005 (sted : July 26, 2005) . The corrected release reads : MILBERG WEISS ANNOUNCES THE FILING OF A CLASS ACTION SUIT AGAINST TIBCO SOFTWARE, INC., AND CERTAIN OF ITS OFFICERS AND DIRECTORS ON BEHALF OF INVESTOR S The law firm of Milberg Weiss Bershad & Schulman LLP announces that a class action lawsuit was filed on May 26, 2005, on behalf of purchasers of the securities of TIBCO Software, Inc . ("TIBCO" or the "Company") (Nasdaq : TIBX - News) between September 21, 2004 and March 1, 2005, inclusive (the "Class Period"), seeking to pursue remedies under the Securities Exchange Act of 1934 (the "Exchange Act") . If you bought the secu rities of TIBCO between September 21, 2004 and March 1 , 2005, inclusive, and sustained damages , you may, no laterthan July 25, 2005, request that the Court appoint you as lead plaintiff. A lead plaintiff is a representa tive party that acts on behalf of other lass members in directing the li tigation. In order to be appointed lead plaintiff, the Court must determine that the class member 's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff ." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Milberg Weiss Bershad & Schulman LLP, or other counsel of your choice , to serve as your counsel in this action . The action is pending in the United States District Court for the Northern District of California against defendants TIBCO, Vivek Y . Ranadive (CEO, Pres., Chairman), Christopher G. O'Meara (Chief Financial Offi cer), Sydney Carey (Controller, Chief Accounting Officer), Rajesh U . Mashruwala (COO) . A copy of the complaint filed in this action is retrievable from the Court using the case number C-05-2146 (SBA), or can be viewed on Milberg Weiss 's website at: tlttp://www..milberowei,s.s.-com The complaint alleges that defendants' Class Period representations regarding TIBCO were materially false and misleading when made for the following reasons : (i) TIBCO's integration of the Staffware PLC acquisition was not proceeding as well as defendants represented ; (ii) that Staffware was performing well below expectations; and (iii) TIBCO did not maintain an adequate system of internal financial, operational or disclosure controls so as to reasonably assure the accuracy, completeness and veracity of the Company's public statements and representations to investors . On March 1, 2005, defendants announced that TIBCO's results for 1Q :F05 were well below guidance. In fact, shares of TIBCO were halted in after-market trading after the Company revealed that preliminary data showed that Q1:F05 revenues would reach well below the FirstCall consensus mean estimates . While defendants had previously stated that the Staffware acquisition was substantially completed and that the integration was proceeding according to plan, defendants now revealed that this was not true and that weakness in Europe and delays in closing deals would result in non-GAAP earnings per share well between consensus mean estimates . During TIBCO's 1Q :F05 conference call, defendant Ranadive revealed that Staffware not only remained unintegrated, but because of integration-related problems, European sales had been paralyzed. The following day, as shares of TIBCO resumed trading, the Company's stock price declined precipitously, falling from a close of $8 .90 per share in regular trading on March 1, 2005, to below $7 .00 the following day, on very high trading volume of over 52 million shares . Market commentators stated that the decline would have been worse had TIBCO stock not evidenced an uncharacteristic trading pattern in the days immediately prior to defendants' belated disclosure, which indicated that the negative news may have been leaked to certain investors . Milberg Weiss Bershad & Schulman LLP (http :/lwww .milbergweiss .com) is a firm with over 100 lawyers with offices in New York City, Los Angeles, Boca Raton, Delaware, Seattle and Washington, D .C. and is active in major litigations pending in federal and state courts throughout the United States. Milberg Weiss has taken a leading role in many important actions on behalf of defrauded investors, consumers, and others for nearly 40 years . Please contact the Milberg Weiss website for more information about the firm. If you wish to discuss this action with us, or have any questions concerning this notice or your rights and interests with regard to the case, please contact the following attorneys: Steven G_ Schulman Peter E . Seidman Andrei V . Rado One Pennsylvania Plaza, 49th fl . New York, NY, 10119-016 5 Phone number : (800) 320-5081 Email : sfeerick@milbergweiss_com Website : http :// www .milbergweiss .com Contact: Milberg Weiss Bershad & Schulman LL P Steven G . Schulman , Peter E . Seidman or Andrei V . Rado 800-320-508 1 sfeerick @milbergweiss_com http :// www . m.ilbergwei.ss_com Source: Milberg Weiss Bershad & Schulman LLP Copyright D 2005 Yahoo! Inc. All rights reserved . Privacy .P0licy - TerrrLS9fService - Copy_righl Policy, - Ad Eea stac k Copyright © 2005 Business Wre . All rights reserved. All the news releases provided by Business Wire are copyrighted. Any forms of copying other than an individual users personal reference without express written permission is prohibited . Further distribution of these materials by posting, archiving in a public web site or database, or redistribution in a computer network is strictly forbidden . EXHIBIT B -RI- MLU I LHL 414 362 9809 07/22/05 38, 4 9am P . 00 1 PLAINT FT CERTIFICATION PURSUANT TO FEDERAL SECURITIES LAW S ("Plaintiff'), declares, as to the claims asserted under the federal securities laws, that: 1 .