This is a securities fraud class action against Cadence Design Systems, Inc.
On October 15, 2008, Cadence Design announced the departures of its Chief Executive Officer and four other senior executives. In response to this surprise announcement, the price of the company's common stock dropped approximately 15%. Merely a week later, on October 22, 2008, Cadence Design stunned investors by acknowledging that Cadence Design was reviewing the recognition of revenue related to customer contracts signed in the first quarter of 2008 and that it expected to restate its financial statements not only for that quarter, but also the first half of 2008.
As a result of these disclosures, Cadence Design's stock price dropped another 25%, as the artificial inflation caused by defendants' false and misleading statements came out of the stock price.
Name (Stock Symbol)
Cadence Design Systems, Inc. (CDNS)
Cadence designs software and hardware that allow that aid other companies in the design and testing of advanced semiconductors, consumer electronics, networking and telecommunications equipment, and computer systems.
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