SAN JOSE, Calif. The lawsuits just keep coming for simulation tool vendor Nassda Corp.
On the same day it was hit with an investor lawsuit filed by the high-powered Lerach Coughlin Stoia & Robbins LLP law firm, a Philadelphia area firm announced Thursday (July 29) it too has filed a class-action suit on behalf of shareholders who acquired Nassda stock between Dec. 13, 2001, and June 11, 2004.
According to a statement from the Felgoise law firm (Jenkin, Pa.), the new case against Nassda executives is pending before the U.S. District Court for the Northern District of California.
The new complaint alleges that Nassda executives violated federal securities laws by issuing a series of false and misleading statements which had the effect of artificially inflating Nassda's stock price.
The Lerach complaint announced the same day urges investors to participate in its class-action lawsuit against Nassda and company executives.
Earlier this month, a court referee issued a ruling against Nassda. The referee is overseeing a misappropriation of trade secrets case brought by Synopsys Inc. against ex-Synopsys employees who left to form Nassda.