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. 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. 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. HIPAA, GLBA, FERPA compliance Pro plan covers unlimited workstations Custom backup policies deployable to workstations Access files remotely with app. Rather, they were flat-out claims about the product as it then stood," Kayatta wrote. "These were not projections of hoped-for future performance. Protect your photos, files and important documents from disasters or accidents with Carbonite backup and restore. District Judge Leo Sorokin's finding that the statements were likely backed by a belief that the company could fix the product. With the Carbonite app, you can easily access your files, photos and documents that you’ve backed up with Carbonite Safe® on your desktop or laptop. If you do not have Carbonite Mobile on your device, see Installing Carbonite Mobile. Create a seamless experience for your workforce and customers with. Solution: Open the Carbonite Mobile app from your Android device. 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. Our integration with Carbonite is pre-built for fast, easy deployment and secured by MFA. (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.
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