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Hub You - Verisign Fraud - Class Action Lawsuit Settlement
Many more people are leaving the regular nine-to-five job experience to start their own businesses. Some do it in order to pursue a life long dream, others to utilise a gift or talent, in order to earn some extra income.You do not even have to quit your job to go into business. You can be a business by your self (become a consultant) in an area of your expertise and increase your cash flow. Whatever the reason for going into business, it is important that you succeed at it.Your business will succeed when your capabilities meets opportunities in the market place. You will succeed when your products are of good quality and your service is excellent. But most of all your success can only be guaranteed when people know who you are, what you can do and where you are.Hence we believe you can increase your income and promote your business by going through 5 simple steps in order to create the awareness to win new customersIDENTIFYEstablish a presence in the market place by developing your corporate identity.Create a logo that defines your business ethos and vision.Develop a strong brand that is identifiable.Let your corporate stationeries speak for you and announce who you are, what you do and where you are.PROMOTE.Make your goods and services known and establish your brand in that market place by creating eye catching colour designs on leaflets, brochures, marketing cards, posters and displays.IMPRESS YOUR CLIENTS.Impress your clients as you inform them about your expertise and value proposition.Create impressive and professional presentation folders, report covers, regular newsletters and booklets.KEEP THEM INTERESTED.Keep old customers interested
The final complaint states that in addition to the above activities, the defendants had other material information that they concealed from the plaintiffs. The defendants concealed an acquisition because they wanted the public to get the impression that the company’s revenue growth was organic when in fact it was not. Statements were made concerning the company’s ability to grow its operating margins that were “simply imposs
In the first part of Business Plan Basics you’ve learned which are the public aspects of a business plan. Now it is time to study the “internal” aspects: those little secrets that drive a business to success.Industry Analysis:Every business operates within an industry. Identify where your company fits in and describe the market trends, explain the factors influencing growth and decline in this industry and spot the future expectations. Try to answer crucial questions such as: how many companies are expected to enter your industry in the near future and how is that to affect your business. Do not omit any significant statistics for your industry. Don’t lie to yourself!Target Market:In this section you identify your prospect clients – it is a useful step helping you to derive overall marketing and sales strategies. Try to make clear how many potential consumers are ready to purchase your products. Which are their demographic traits (income, gender, education, private, business) and location? On the Internet location is important if you need to ship products, so don’t overlook to define it.The more you understand your potential clients, the higher your chances of success.You’ve often heard: take it easy. In business plan terms this means don’t attack too many markets at once.Marketing and Sales:Here you define your marketing program outlining what steps are necessary to reach potential clients and convert them to paying customers.Plan carefully your marketing mediums and their costs. This is the section where you enumerate your marketing materials: fliers, brochures, catalog… websites. It is important to mention who will design your marketing materials and how much this will c
United States district court, northern district of California was the start of Verisign’s (“the Company”) class action complaint for a violation of securities laws. Plaintiff, James H. Harrison Jr., on behalf of himself and all others similarly situated filed vs. Verisign, Inc., Stratton D. Sclavos, Robert J. Korzeniewski, Dana L. Evan and Quintin P. Gallivan. The “class” period is for people who purchased shares of the company between January 25 and April 25 2002.
The defendant Verisign is headquartered in Mountain View California and offers users the ability to engage in secure digital commerce and communications. Verisign’s stock is traded on the NASDQ national market.
Allegations
The allegation is that the defendants tried to artificially increase the Company’s revenue and create the perception that its deferred revenue was being generated organically rather than through acquisition. It is claimed that the Company derived a portion of its revenue from non-monetary barter transactions and investments in other companies. The later claim stated simply, they were financing the payments they were receiving for their goods and services.
The complaint states that the revenues were dubious at best and claimed that “whenever a two-way set of transactions occurs in which a company acts as the lender and service provider, an investor lacks assurance as to whether the related parties would have made a similar decision regarding purchases in the absence of financing from the company”. They claimed that because of this it was not possible to get an accurate measure of the real demand for Verisign’s products.
The complaint also alleges that the defendants misrepresented the company’s prospects and failed to properly disclose improper acts until they were able to sell at least $26 million of their own stock, and also to buy companies in stock-for-stock transactions. Verisign violated Generally Accepted Accounting Principles and Securities Exchange rules by engaging in improper barter transactions. These activities dramatically overstated the company’s margins in its financial statements.
The final complaint states that in addition to the above activities, the defendants had other material information that they concealed from the plaintiffs. The defendants concealed an acquisition because they wanted the public to get the impression that the company’s revenue growth was organic when in fact it was not. Statements were made concerning the company’s ability to grow its operating margins that were “simply impossi
The question isn’t whether or not your business has a website, it’s a given it does. The real question is this: Does your website allow you to connect and interact with visitors? If it doesn’t, you are missing out on an enormous opportunity to grow your business.A website that is nothing more than an electronic brochure is not going to help you attract more clients and be more profitable.Did you know that the first time someone visits your website that it is most likely the last time they will visit?If most people never return after the initial visit, this means that you usually only have one chance to make a connection and provide visitors with information they want. So how do you make this connection?It’s been said there are only two reasons to have a website:1. To capture someone’s contact information (name and e-mail) so you can keep in touch with them, provide value, and build a relationship2. To sell somethingOf course it is best if your website does both: captures visitor’s information and sells something. But if you don’t have something to sell on your website, at the very minimum, your website needs be designed to capture visitor’s information.Think about it, what’s the point of having a website if it doesn’t do at least one of these two things? Are you hoping that someone will take the time and effort to call you or e-mail you to find out more? They might, and chances are they won’t. Most people like to have some preliminary information before they are willing to make direct contact.So why should anyone give you their contact details? It used to be that you simply had to offer a newsletter and people would sign up. Times have changed, these days you must provide some
Allegations
The allegation is that the defendants tried to artificially increase the Company’s revenue and create the perception that its deferred revenue was being generated organically rather than through acquisition. It is claimed that the Company derived a portion of its revenue from non-monetary barter transactions and investments in other companies. The later claim stated simply, they were financing the payments they were receiving for their goods and services.
The complaint states that the revenues were dubious at best and claimed that “whenever a two-way set of transactions occurs in which a company acts as the lender and service provider, an investor lacks assurance as to whether the related parties would have made a similar decision regarding purchases in the absence of financing from the company”. They claimed that because of this it was not possible to get an accurate measure of the real demand for Verisign’s products.
The complaint also alleges that the defendants misrepresented the company’s prospects and failed to properly disclose improper acts until they were able to sell at least $26 million of their own stock, and also to buy companies in stock-for-stock transactions. Verisign violated Generally Accepted Accounting Principles and Securities Exchange rules by engaging in improper barter transactions. These activities dramatically overstated the company’s margins in its financial statements.
The final complaint states that in addition to the above activities, the defendants had other material information that they concealed from the plaintiffs. The defendants concealed an acquisition because they wanted the public to get the impression that the company’s revenue growth was organic when in fact it was not. Statements were made concerning the company’s ability to grow its operating margins that were “simply imposs
Enjoying the rewards of an online business is not all a bed of roses. You need to take time to research and understand the best ways to promote your business.Just like traditional business you need to build a reputation, network and advertise. What makes it tough is as online business owners we need to understand how it all works without getting caught up in hype and scams. Remember there are plenty of people out there promising the world but delivering nothing leaving you with empty pockets and no income.So where do you start to get your business known? That is the six million dollar question. If you ask a web designer they will say submit to search engines - good but not the total answer, others will say traditional advertising - this is also good but also not a total answer. Ask a marketing professional and they will charge you a heap to give you a document of information that will take you a month of Sundays to get through.So what do I suggest? I recommend a bit of everything but the best place to really start is article submission.What is Article Submission? What is Article Publishing?Simply put it is writing an article about a topic you are familiar with that usually relates to your business. You don't need to have them professionally written unless you really want to. What you do need is basic writing skills - somthing that most of us have. You don't need to be a genius just have a passion to share information with others that is mutually beneficial.Before I go on the most important thing you should know is submitting articles to publishers is totally free.Once you have chosen your topic to write about it simply a case of publishing it to an artilce site. This is where it is a little tricky
The complaint states that the revenues were dubious at best and claimed that “whenever a two-way set of transactions occurs in which a company acts as the lender and service provider, an investor lacks assurance as to whether the related parties would have made a similar decision regarding purchases in the absence of financing from the company”. They claimed that because of this it was not possible to get an accurate measure of the real demand for Verisign’s products.
The complaint also alleges that the defendants misrepresented the company’s prospects and failed to properly disclose improper acts until they were able to sell at least $26 million of their own stock, and also to buy companies in stock-for-stock transactions. Verisign violated Generally Accepted Accounting Principles and Securities Exchange rules by engaging in improper barter transactions. These activities dramatically overstated the company’s margins in its financial statements.
The final complaint states that in addition to the above activities, the defendants had other material information that they concealed from the plaintiffs. The defendants concealed an acquisition because they wanted the public to get the impression that the company’s revenue growth was organic when in fact it was not. Statements were made concerning the company’s ability to grow its operating margins that were “simply imposs
Making the Best of Your Time and ResourcesCongratulations! You’re the new maintenance manager of Megamonolith Corporation. Although you’re exited about the position, you realize you have your work cut out for you. Megamonolith recently bought out another company, and you’re assigned to the site. During your first six months, you conduct a facilities audit and discover that the prior maintenance program consisted only of breakdown repairs. (For information about facility audits, please refer to my white paper “The Facilities Audit” available through my website at www.fps-fm.com.)One of the first things you need to do is establish a work coordination and management program that helps you and your staff identify, prioritize, plan, and track corrective actions. The same process must be used by everyone involved in maintenance, and at every location. How can you do this?The system we propose provides these important benefits:1.Easy retrieval and dissemination of information.2.Ensures immediate response for emergencies and safety related issues.3.Avoids wasted time.4.Provides easy to follow guidelines and standards.5.Uses off the shelf software.6.Establishes procedures.7.Highly cost effective.The central point of a maintenance planning system is the Work Reception and Coordination Center, or WRCC. Depending on the size of your facilities, it may be a group of personnel or a single specialist who may even be an outsourced service provider. The WRCC is a single point of submission for all work requests; prioritizes and coordinates all work requests, and provides a current status of all work in process. Through use of database applications, the WRCC provides critical information
The complaint also alleges that the defendants misrepresented the company’s prospects and failed to properly disclose improper acts until they were able to sell at least $26 million of their own stock, and also to buy companies in stock-for-stock transactions. Verisign violated Generally Accepted Accounting Principles and Securities Exchange rules by engaging in improper barter transactions. These activities dramatically overstated the company’s margins in its financial statements.
The final complaint states that in addition to the above activities, the defendants had other material information that they concealed from the plaintiffs. The defendants concealed an acquisition because they wanted the public to get the impression that the company’s revenue growth was organic when in fact it was not. Statements were made concerning the company’s ability to grow its operating margins that were “simply imposs
How many times have you encountered people in business and the image of the business or the person is so poorly presented it causes you to have a poor opinion of the services offered? It makes no difference if you are the owner or the employee; pride in yourself is evident in your daily dealings with people. Image is very important in business.Here are some of my suggestions for success: Dress for success. No matter what profession you are in, everyone has a dress code. For a financial advisor it is a suit, for a landscaper it could be a logoed t-shirt with appropriate length shorts or pants, for a theme-park employee it is the usually a polo-shirt and khaki shorts or pants; most everyone has a dress code and it is up to you to portray your profession correctly. Communicate effectively. As business owners and professionals it is part of our job to meet and greet people on a daily basis. When doing this you are also presenting your company. Speak clearly and effectively when meeting with people. Practice what needs to be communicated so your potential customers are aware of your company’s offerings and services. Professional grooming. Do you ever wonder why some businesses have dress codes? Your attire and grooming affect all business endeavors positive or negative. It also reflects the pride you have in yourself. Clean and neat go along way when meeting with people. Put your best foot forward, this might be your next customer. Storefront cleanliness. If you own a business with an office or retail storefront, the image the store has reflects on you and your business. If people are turned off by unsightly messes, dirty floors, disorganized overstocked shel
The final complaint states that in addition to the above activities, the defendants had other material information that they concealed from the plaintiffs. The defendants concealed an acquisition because they wanted the public to get the impression that the company’s revenue growth was organic when in fact it was not. Statements were made concerning the company’s ability to grow its operating margins that were “simply impossible”. The integration of two acquisitions was a disaster and clients began to decline rather than grow as the defendants had stated. Other information that was withheld by the defendants included; quickly losing market share to the competitors because of outrageous prices, the company’s web certificate business would post zero growth for the year, the ESP division would post zero organic growth and the fact that 100% of the growth was from acquisitions, the domain name business was losing customers at the rate of 11,000 per day, contrary to statements made by the defendants recent acquisitions would cost $80 million more than expected, receivables were dubious and allowance for doubtful accounts had increased five times over the prior period and lastly the company manipulated its Days Sales Outstanding to paint a rosier picture.
Issues
Plaintiffs argue five key categories of misrepresentations:
1. Defendants inflated accounts receivable, revenue and deferred revenue by improperly accounting for two-year auto-renewals on domain names, and acquired deferred revenue.
2. Defendants used improper accounting to recognize revenue on roundtrip and barter transactions.
3. Defendants failed to adequately reserve for uncollectible delinquent receivables thereby overstating earnings.
4. Defendants misreported domain name registrations by concealing the number of free and promotional registrations and two-year auto-renewal registrations.
5. Defendants overstated earnings by failing to properly account for long-term investments in non-public companies and by failing to record impairment charges on many investments.
Specifically, Plaintiffs contend that VeriSign recognized $27 million in barter transactions, $10.5 million in reciprocal transactions, $64 million by roundtrip transactions and $12 million by improper accounting practices. Plaintiffs further allege that VeriSign failed to follow GAAP in terms of recording a $74 million impairment charge.
Defendants argue that companies regularly discl
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