SAN MATEO, Calif., Dec. 2, 2019 /PRNewswire/ -- Counsel for defendants, Wilson Sonsini Goodrich & Rosati PC, announces that on April 13, 2018, in the case of In re Apigee Corporation Shareholder Litigation (No. CIV537817), the Superior Court of the State of California, County of San Mateo certified a class consisting of all persons and entities who purchased or otherwise acquired the common stock of Apigee Corporation ("Apigee") before March 17, 2016 pursuant to or traceable to the registration statement issued in connection with Apigee's April 2015 initial public offering (the "Class"). Notice to potential Class members commenced on September 12, 2018.
On October 12, 2018, defendants filed a motion for summary adjudication arguing that the Class representative's Class claims were untimely because they were filed after the passing of the applicable statute of limitations. On June 7, 2019, the Court granted defendants' motion.
The Court instructed that notice be given to the Class informing the Class of the Court's decision. Accordingly, notice of the Court's decision was mailed to potential class members and is also the purpose of this press release.
In summary, to all class members, THE COURT HAS NOW DISMISSED THE CLASS CLAIMS FROM THE CASE, AND NO CLASS ACTION IS CURRENTLY PENDING. In its opinion, however, the Court stated that "individual members of the Class are entitled to intervene in this pending action or bring new individual lawsuits to prosecute their individual claims." Defendants have reserved their rights and defenses with respect to any such potential claims.
For additional information, including the Court's order on summary adjudication, go to: www.apigeesecuritieslitigation.com.
SOURCE Wilson Sonsini Goodrich & Rosati PC