Yet Another Class-action Suit Against VRSN
Date: Wednesday May 29 2002, @04:46AM
A law firm, Weiss and Yourman, has filed suit against VeriSign, according to Reuters, "seeking class-action status ... over allegedly deceptive 'expiration' notices the company sent to the customers of rivals." VeriSign's woes on this front include BulkRegister's suit over the same "marketing techniques," which resulted (so far) in a preliminary injunction.
Weiss and Yourman's website bills the company as specializing in stockholder class actions and shareholder class and derivative actions. Though Reuters describes them as "an LA firm," they also have an office in New York.
Two notable points in the Reuters article:
First, "at least five lawsuits seeking class-action status were filed in May against VeriSign, VeriOusly accusing the company "of artificially inflating the price of its stock and and creating the false perception that revenue was grown from its core operations."
Second, a peek into VeriSign's curious inner worldview:
VeriSign has been forthcoming about its strategy to combat reduced pricing by competitors and a drop-off in domain name sales. Executives touted their aggressive marketing campaign at VeriSign analyst day on May 9 in Redwood City, Calif.
VeriSign? Prey? Heh...
"We're becoming the attacker and not the prey," said John Donoghue, senior vice president of the mass markets division at Mountain View, Calif.-based VeriSign. "We're aggressively going after competitors' customers at the time of renewal."
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