Ramp Networks, Inc.

Company Name
Ramp Networks, Inc.
Stock Symbol
RAMP
Class Period
January 24, 2000 to September 29, 2000
Court
Northern District of California, San Francisco Division
Status
Settled

On January 8, 2001, the District Court appointed The Firm as Lead Counsel to prosecute this case on behalf of Ramp Networks Inc. shareholders. Plaintiffs’ Third Amended Complaint alleges Ramp, its former CEO and former VP of worldwide sales violated sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and S.E.C. Rule 10b-5. Plaintiffs claim Ramp materially overstated its financial results by violating financial accounting standards. Specifically, Ramp improperly recorded revenue for transactions with distributors and resellers when Ramp could only collect the revenues if and when those distributors and resellers could successfully sell Ramp products to end users, and for transactions where Ramp was likely to have its products returned and/or paid companies to “record” revenue transactions for unwanted and never-to-be-paid-for Ramp products.