Milberg Weiss Files Class Action Suit Against VERITAS Software Corporation

Business Wire, Jan 21, 2003

Business Editors/Financial Analysts

SAN DIEGO--(BUSINESS WIRE)--Jan. 21, 2003

Milberg Weiss (http://www.milberg.com/cases/veritas/) today announced that a class action has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of VERITAS Software Corporation ("VERITAS") (NASDAQ:VRTS) publicly traded securities during the period between January 24, 2001 and January 16, 2003 (the "Class Period").

If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, William Lerach or Darren Robbins of Milberg Weiss at 800/449-4900 or via e-mail at wsl@milberg.com. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.milberg.com/cases/veritas/. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

The complaint charges VERITAS and certain of its officers and directors with violations of the Securities Exchange Act of 1934. VERITAS is a software storage company that provides data protection, storage management and disaster recovery software. The complaint alleges that on January 17, 2003, the Company announced the restatement of its 2000 and 2001 financial statements as a result of its improper accounting for transactions with AOL Time Warner in 2000. The release stated in part: "(t)he transactions involved in a $50 million software purchase by AOL and a $20 million advertising services purchase from AOL."

While VERITAS' financial statements were admittedly false and its stock price artificially inflated, the Company's top officers and directors took advantage of this and sold nearly $15 million worth of their VERITAS shares to the unsuspecting public.

Plaintiff seeks to recover damages on behalf of all purchasers of VERITAS publicly traded securities during the Class Period (the "Class"). The plaintiff is represented by Milberg Weiss Bershad Hynes & Lerach LLP, who has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.

Milberg Weiss Bershad Hynes & Lerach LLP, a 170-lawyer firm with offices in New York, San Diego, San Francisco, Los Angeles, Boca Raton, Seattle and Philadelphia, is active in major litigations pending in federal and state courts throughout the United States. Milberg Weiss has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of World War II and other human rights violations, and has been responsible for more than $30 billion in aggregate recoveries. The Milberg Weiss website (http://www.milberg.com) has more information about the firm.