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Legato shareholders sue to block EMC acquisition

Jul 16, 20035 mins

Latest financial news.

Legato shareholders sue to block EMC acquisition, 07/16/03

EMC’s $1.3 billion acquisition of Legato Systems has hit a snag. Legato shareholders have filed two lawsuits in Santa Clara County Superior Court claiming “breach of fiduciary duty and self-dealing” against Legato and its board of directors, according to a statement released on Tuesday by Legato.

EMC reports strong Q2 on new products, services, 07/16/03

Data storage vendor EMC reported strong second-quarter results Wednesday, citing growth across all segments of its business thanks to new products and services, and an expanded distribution network.

IP telephony vendor VocalData snags $12.5 million in funding, 07/16/03

VocalData this week announced a new round of venture funding that will be put toward helping the company better meet the needs of carriers using its software to expand their hosted IP telephony rollouts.

After almost 40 years, Moore sees end to famous law, 07/16/03

Intel will mark its 35th birthday on Friday, but about 200 employees gathered on the front lawn of the company’s Santa Clara, California campus this Tuesday to mark the anniversary by burying a time capsule containing, among other things, an Itanium 2 processor, chopsticks donated by Intel’s Malaysian subsidiary, and a copy of Time Magazine featuring Intel co-founder and Chairman Andy Grove on the cover.

Oracle invites PeopleSoft customers to town hall meeting, 07/15/03

In an effort to win the support of PeopleSoft’s customers for its hostile takeover bid, Oracle is planning a series of online ‘town hall’ meetings to discuss its plans for supporting current PeopleSoft customers.

Notice issue resolved in Microsoft vs. California case, 07/15/03

A San Francisco judge is expected later this week to preliminarily approve the $1.1 billion settlement in a class action lawsuit against Microsoft, allowing notices to be sent to California software buyers inviting them to file claims.

U.S. government looks for IT cost savings, 07/15/03

The government’s IT chief has identified $3 billion that federal agencies can save by collaborating on IT purchasing, and that cost savings is apparently just the beginning of a White House effort to cut federal IT budgets.

Intel increases Q2 revenue, doubles net income, 07/15/03

Intel’s second-quarter revenue rose 8% compared to last year’s second quarter, and 1% over the first quarter, in what is usually a seasonally slow quarter for the chip maker, the company said Tuesday.

Lucent’s return to profitability delayed, 07/15/03

Lucent will not be profitable in 2003, the company warned Tuesday. The telecommunications equipment manufacturer now expects to return to profitability in fiscal year 2004, it said in a statement.

IBM buys content management developer Aptrix, 07/15/03

IBM said Tuesday it has acquired Sydney-based Web content management software developer Presence Online, better known as Aptrix, whose technology IBM intends to add to its Lotus portfolio of collaboration and information management software. Financial terms of the deal were not disclosed. sues UpShot over advertising claims, 07/14/03

The intense rivalry among vendors in the hosted CRM software market has sparked legal action, as San Francisco-based said Monday it has filed a lawsuit against competitor UpShot alleging false advertising and unfair competition.

Chairman resigns from WLAN vendor Symbol, 07/14/03

Symbol Technologies announced last week that the chairman and the firm’s general counsel have resigned. The resignations are the latest woes to hit the wireless LAN vendor, which faces continued scrutiny from the Securities and Exchange Commission and the U.S. Attorneys Office for accounting scandals and fraud allegations that have resulted in two former top executives pleading guilty.

DOJ clears PeopleSoft’s J.D. Edwards buy; Oracle extends offer, 07/14/03

The U.S. Department of Justice has ended its review of PeopleSoft’s planned acquisition of J.D. Edwards & Co., clearing the way for the transaction to close later this month, PeopleSoft said Monday.

Earnings warnings roil software companies, 07/14/03

Citing purchasing delays and the troubled economy, a flurry of software vendors have already warned that the numbers will be grim when they release later this month their financial results from the quarter ended June 30. In the particularly hard-hit enterprise application integration (EAI) sector, this quarter’s across-the-board shakiness reflects the deeper problems of a market that’s likely to consolidate within the next few months, analysts say.

Yahoo to buy Overture for $1.6 billion, 07/14/03

Yahoo said Monday that it is scooping up paid search service provider Overture Services in a $1.63 billion deal expected to ramp up competition in the search market.