Source: http://cyansecuritieslitigation.com/
Timestamp: 2018-05-26 13:19:53
Document Index: 14661601

Matched Legal Cases: ['§11', '§15', '§11', '§15', '§11', '§15']

Cyan Securities Litigation Website
Welcome to the Cyan Securities Litigation Website
This website has been established to provide general information related to the Beaver County Employees Retirement Fund, et al. v. Cyan, Inc. ("Cyan" or the "Company"), et al., Securities Litigation.
This is a securities class action that is pending before the Honorable Judge Curtis E.A. Karnow in the Superior Court of the State of California, County of San Francisco (the "Court"). Defendant Cyan provides communications systems. The Company offers packet-optical transport systems, advanced multi-layer network planning, management, and verification systems.
Plaintiffs allege that the Registration Statement and Prospectus violated the Securities Act of 1933 (the “Securities Act”) by failing to warn investors that Cyan revenues depended on two limited life projects, a broadband stimulus project and a fiber-to-the-tower installation project, and that both projects were in the process of winding down. Plaintiffs allege that instead of merely providing a generalized disclosure that revenues from Windstream, the customer responsible for the two projects, were expected to decline, the Registration Statement and Prospectus were required to disclose additional facts necessary to understand the gravity of the problem. Defendants believe that the lawsuit is without merit, and that Cyan fully disclosed in the Registration Statement and Prospectus the status of and risks related to its business with Windstream.
On April 1, 2014, plaintiffs Beaver County Employees Retirement Fund, the Retirement Board of Allegheny County and the Delaware County Employees Retirement System filed the initial complaint in the Court for violations of §§11 and 12(a)(2) of the Securities Act against the Defendants and violations of §15 of the Securities Act against Cyan and the Individual Defendants. On April 30, 2014, plaintiff Jennifer Fleischer filed a complaint in the Court for violations of §11 of the Securities Act against Defendants and violations of §15 of the Securities Act against the Individual Defendants. On June 4, 2014, the Court issued an order consolidating the cases, and on June 13, 2014 the Plaintiffs filed a Consolidated Amended Complaint for violations of §§11 and 12(a)(2) of the Securities Act against the Defendants and violations of §15 of the Securities Act against Cyan and the Individual Defendants (the “Complaint”).
According to the Court’s May 18, 2015 Order, you are a Class Member if you fall within the following definition:
All persons who purchased or otherwise acquired Cyan common stock from May 9, 2013 to November 4, 2013, except for purchases or acquisitions of non-registered shares in a private transaction. The following persons are excluded from the Class: the Defendants and their respective successors and assigns; past and current officers and directors of Cyan and the Underwriter Defendants; members of the immediate families of the Individual Defendants; the legal representatives, heirs, successors or assigns of the Individual Defendants; any entity in which any of the above excluded persons have or had a majority ownership interest; and any person who validly requests exclusion from the Class.
The Court has appointed Robbins Geller Rudman & Dowd LLP as Class Counsel.
Although the information on this website is intended to assist you, it does not replace the information contained in the Notice of Pendency of Class Action which can be found and downloaded from this website. We recommend that you read the Notice and other relevant case documents carefully.
Request Exclusion from Class: August 7, 2015