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Schatz & Nobel, P.C. Announces Class Action Lawsuit Against
Nassda Corporation
HARTFORD, Conn., July 30 /PRNewswire/ -- The law firm of Schatz & Nobel, P.C.,
which has significant experience representing investors in prosecuting claims
of securities fraud, announces that a lawsuit seeking class action status has
been filed in the United States District Court for the Northern District of
California on behalf of all persons who purchased the publicly traded
securities of Nassda Corporation (NASDAQ:NSDA) ("Nassda") between December 13,
2001 and June 11, 2004, inclusive (the "Class Period"), including those who
purchased their shares pursuant to its initial public offering.
The Complaint alleges that Nassda and certain of its officers and directors
issued materially false statements concerning Nassda's business condition.
Specifically, defendants failed to disclose that Nassda, whose founders are all
former employees of Synopsys Corporation ("Synopsys"), engaged in
misappropriation of trade secrets and infringement of a patent entitled
"Hierarchical Power Network Simulation and Analysis Tool for Reliability
Testing of Deep Submicron Designs" (the "'053 patent"). Synopsys has filed
two suits against Nassda alleging that Nassda has induced or contributed to the
infringement of the '053 patent by making infringing products and creating
source code for infringing products and then selling, distributing, advertising
and marketing those infringing products to others.
On June 14, 2004, Nassda revealed that the California state court had issued
orders on June 11, against defendants in the Synopsys litigation which limited
Nassda's defenses and established as fact that the first 60,000 lines of source
code of Nassda's Hierarchial Storage and Isomorphic Matching ("HSIM") software
product and all ideas and concepts reflected therein were derived from
Synopsys' code or other Synopsys materials while the defendants were employed
by Synopsys. The court also ruled that the defendants acted in concert to
intentionally alter, destroy, lose or misplace items requested in discovery and
conceal evidence. On this news, Nassda plummeted to below $4.00 per share.
If you are a member of the class, you may, no later than September 27, 2004
request that the Court appoint you as lead plaintiff of the class. A lead
plaintiff is a class member that acts on behalf of other class members in
directing the litigation. Although your ability to share in any recovery is
not affected by the decision whether or not to seek appointment as a lead
plaintiff, lead plaintiffs make important decisions which could affect the
overall recovery for class members, including decisions concerning settlement.
The securities laws require the Court to consider the class member(s) with the
largest financial interest as presumptively the most adequate lead
plaintiff(s).
For more information about the case, its claims, and your rights, please
contact Schatz & Nobel toll-free at (800) 797-5499, or by e-mail at . To view
a copy of the lawsuit initiating the class action, or for more information
about class action cases and Schatz & Nobel, please visit our website:
http://www.snlaw.net/.
CONTACT:
Nancy A. Kulesa
Tel.: (800) 797-5499
Website: http://www.snlaw.net/
e-mail:
DATASOURCE: Schatz & Nobel, P.C.
CONTACT: Nancy A. Kulesa of Schatz & Nobel, P.C., +1-800-797-5499,
Web site: http://www.snlaw.net/