Verisign Here Come The Lawyers

The Shareholders Foundation, Inc.  has opened an “investigation on behalf of investors of Verisign, Inc. (NASDAQ:VRSN) shares over potential securities laws violations by Verisign, Inc. and certain of its directors and officers in connection certain financial statements was announced”.

“Investors who purchased shares of Verisign, Inc. (NASDAQ:VRSN), have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 – 1554.”

“The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Verisign, Inc. (NASDAQ:VRSN) concerning whether a series of statements by Verisign, Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.”

“Verisign, Inc. (NASDAQ:VRSN) reported that its annual Revenue increased from $680.58 million in 2010 to $771.98 million in 2011, while its Net Income fell from $830.97 million in 2010 to $142.89 million in 2011.”

“Shares of Verisign, Inc. (NASDAQ:VRSN) grew from as low as $28.34 per share in September 2011 to as high as $49.21 per share on October 5, 2012.

“However, then on October 25, 2012, Verisign, Inc. (NASDAQ:VRSN) announced its third quarter 2012 financial results. Among other things, Verisign, Inc also said that as a result of communications beginning in October 2012 with the Commerce Department, Verisign, Inc has concluded that the Commerce Department may not complete its review and approve the renewal of the .com Registry Agreement prior to its expiration on Nov. 30, 2012, and that the Commerce Department, together with the Department of Justice, is reviewing the .com Registry Agreement’s pricing terms.”

“Then on November 30, 2012, VeriSign, Inc. (NASDAQ: VRSN) announced that the U.S. Department of Commerce approved the renewal of Verisign’s agreement with the Internet Corporation for Assigned Names and Numbers (ICANN) to serve as the authoritative registry operator for the .com registry for the term commencing on Dec. 1, 2012 through Nov. 30, 2018 with certain new terms and conditions. ”

“Shares of Verisign, Inc. (NASDAQ:VRSN) declined from almost $50 in early October 2012 to as low as $33.11 per share on November 30, 2012.”

The Shareholders Foundation, Inc. is a professional portfolio monitoring service focusing on securities class action lawsuits and settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market.

The Shareholders Foundation, Inc. is not a law firm

Shares of Verisign are trading up today to over $37

Comments

  1. says

    Something wrong in this statement – “Verisign, Inc. (NASDAQ:VRSN) reported that its annual Revenue increased from $680.58 million in 2010 to $771.98 million in 2011, while its Net Income fell from $830.97 million in 2010 to $142.89 million in 2011.”

    They couldn’t have had $830m in net income from a $680m in revenue. Must be $380 or something.

    I still don’t see why profits decreased when revenue increased… maybe I’m missing something.

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