by CIO Staff

Siebel Shareholder Suit Dismissed

Jan 18, 20061 min
IT Leadership

On Tuesday, Siebel Systems announced that a federal court had dismissed a shareholder lawsuit that accused the company of overstating the performance and customer satisfaction of a number of its software products, namely Siebel 7, CNET reports.

The plaintiffs in the case claimed that touting false performance levels led to an artificial boost in the company’s stock price.

U.S. Judge Charles Breyer dismissed the class action suit, filed in March, “with prejudice,” company officials said.  The court “rejected the plaintiff’s argument entirely,” Siebel said in a statement.

Last September, a New York federal judge dismissed another suit against Siebel, this time file by the Securities Exchange Commission.  The suit alleged that Siebel had violated corporate disclosure rules.

–Al Sacco