Shareholders who bought stock in Brocade Communication Systems Inc. between February 21, 2001 and May 15, 2005 announced that they had filed suit against the company in the United States District Court for the Northern District of California. The case name is Armour v. Brocade Communication Systems Inc., et al. The complaint alleges Brocade issued "false and misleading statements" that artificially inflated the price of the company's stock.
Shareholders to vote on Symantec, Veritas deal
Shareholders from both Symantec Corp. and Veritas Software Corp. are scheduled to vote on the proposed merger between the two on June 24. If they approve the deal, the acquisition will close July 2. The deal has come under fire from some analysts, including Glass Lewis & Co., which said Symantec shareholders should vote against the proposed buyout because the cost savings and expected revenue gains were unlikely to benefit shareholders.
StorageTek partners with iLumin
ILumin Software Services and Storage Technology Corp. announced that iLumin's Assentor e-mail management product will now work with StorageTek's IntelliStore archive to capture, index and retrieve e-mail messages. ILumin is also now formally partnered with StorageTek as part of its TekAlliance Partner Program.
HP sets up research facility
Hewlett-Packard Co. (HP) announced that it has set up a new research and development center in Singapore to develop the next generation of the company's Integrity servers. HP said it chose Singapore for its $12 million Asia Pacific Integrity Server Research & Development Center because it already has research and development operations going on there. HP officials said they hope to have a product on the market by 2006.