The complaint charges Cadence and certain of its current and former officers with violation of the Securities Act of 1933. On or about October 15, 2008, Cadence's stock declined 15% after the company disclosed that five of its executives had resigned including Michael Fister, the President, Chief Executive Officer, and director of the company. Merely a week later, on or about October 22, 2008 the Company stunned investors by acknowledging that the company was reviewing the recognition of revenue related to customer contracts signed in the first quarter of 2008 and that it expected to restate its financial statements not only for that quarter, but also the first half of 2008. On this news, shares of Cadence declined $1.10 per share, more than 25%, to close on October 23, 2008 at 3.22 per share, on unusually heavy volume.
For every action there must be
an equal and opposite reaction
an equal and opposite reaction
Case Details for "Cadence Design Systems, Inc "
A class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of those who purchased the securities of Cadence Design Systems, Inc (NASDAQ: CDNS) between April 23, 2008 and October 22, 2008, in
Posted on: 11/12/2008
Company/Organization: Cadence Design Systems, Inc
Scope: Nationwide
Affected Class: April 23, 2008 to October 22, 2008
Type of Case: Securities
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