NEW YORK (BUSINESS WIRE) – July 8, 2004 - Goodkind Labaton Rudoff & Sucharow LLP filed a class action lawsuit on July 7, 2004 in the United States District Court for the District of Delaware, on behalf of persons who purchased or otherwise acquired publicly traded securities of Veritas Software Corporation (“Veritas” or the “Company”) (NASDAQ: VRTSE) between April 21, 2004 and July 6,2004, inclusive, (the “Class Period”). The lawsuit was filed against Veritas, Edwin J. Gillis and Gary L. Bloom (“Defendants”).

If you are a member of this class you can view a copy of the complaint and join this class action here.

The complaint alleges that during the class period Defendants had actual knowledge of or recklessly disregarded the fact that although the Company was involved in negotiations for significant contracts, those negotiations had not advanced far enough to reasonably conclude they would close. Despite the Defendants having no reasonable basis to do so, Defendants caused the Company to confirm expectations that its revenue for second-quarter 2004 would be $490 to $505 million and earnings per share for the quarter would be $0.21 to $0.23. The complaint also alleges that Defendants confirmed these earnings expectations without reasonable basis and in order to maintain the Company’s share price and avoid the negative fallout that would occur as a result of an accurate disclosure of the Company’s contractual prospects and financial condition.

Only three weeks after Defendants confirmed their second quarter 2004 expectations, on July 6, 2004, the Defendants shocked the market by suddenly announcing that the Company’s second quarter 2004 revenues would actually be “ in the range of $475 million to $485 million” and that its GAAP earnings per share would, in fact, “be in the range of $0.17 to $0.19.” As a result of this news, the Company’s share price plunged from $26.55 to $17.00, or 36% in heavy trading volume.

Plaintiffs are represented by the law firm of Goodkind Labaton Rudoff & Sucharow LLP. Goodkind Labaton is one of the country’s premier national law firms that represent individual and institutional investors in class action, complex securities and corporate governance litigation. The firm has been a champion of investor rights for over 40 years and has been recognized for its reputation for excellence by the courts. Goodkind Labaton was recently ranked fourth in total recoveries in 2003 among the top 50 plaintiffs’ law firms by Institutional Shareholder Services (ISS), the world’s leading provider of proxy and corporate governance services. Notably, Goodkind Labaton recovered over half a billion dollars for its clients last year.

If you bought Veritas securities between April 21, 2004 and July 6, 2004, inclusive, you may qualify to serve as Lead Plaintiff. Lead Plaintiff papers must be filed with the court no later than Sixty days from today. If you would like to consider serving as lead plaintiff or have any questions about the lawsuit, please contact one of our representatives or Christopher Keller, Esq. at 800-321-0476.