![]() The case is Construction Industry and Laborers Joint Pension Trust v. Circuit Judges Bruce Selya and David Barron joined in the opinion reviving the lawsuit. Today Carbonite is a company with a robust data protection platform and multiple different products for every use case. ![]() The lawsuit claims that Carbonite deceived investors starting in late 2018 by touting the strength of the product, which the complaint alleges never worked and was taken off the market in July 2019. Samuel Rudman of Robbins Geller Rudman & Dowd, who represents the pension fund leading the proposed class of investors, called the ruling "a great result." In deciding that an executive's statement, which said the product "improves our performance," was a statement of fact, not opinion, the court's ruling will be broadly helpful to investors, he said. Realtime driving directions to Carbonite, Inc., 24 Mollison Way, Lewiston, based on live traffic updates and road conditions from Waze fellow drivers. Carbonite was acquired by Canada's Open Text Corp in November 2019.Ĭarbonite argued the investors had failed to provide strong evidence that its executives intended to defraud the market or were highly reckless in making the statements. Representatives for the company did not immediately respond to a request for comment on Wednesday. Rather, they were flat-out claims about the product as it then stood," Kayatta wrote. About us Carbonite provides a robust Data Protection Platform for businesses, including backup, disaster recovery, high availability and workload migration technology. "These were not projections of hoped-for future performance. District Judge Leo Sorokin's finding that the statements were likely backed by a belief that the company could fix the product. Circuit Court of Appeals wrote that investors in the cloud security company had sufficient evidence to pursue their claim that top executives were highly negligent in not checking whether a new data backup product was working before they touted it as "super strong" in November 2018. ('Carbonite'), provider of cloud-based subscription data protection, backup, disaster recovery and endpoint security to sm. Bloomberg Businessweek Bloomberg Originals Idea Generation: Action Bronson Rapper, chef and author Action Bronson takes us on a journey from his early days at culinary school, to releasing. (Reuters) - A federal appeals court revived a securities fraud lawsuit against software company Carbonite Inc on Wednesday, saying investors had a plausible claim the company's "super strong" backup program had never worked. 24, 2019 /PRNewswire/ - OpenText (NASDAQ: OTEX) (TSX: OTEX), ' The Information Company ,' announced today that it has completed the closing of the previously announced acquisition of Carbonite, Inc.
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