Isilon Systems, Inc. Securities Class Action
Keller Rohrback L.L.P. acted as liaison counsel in a securities fraud case filed in the United States District Court for the Western District of Washington, on behalf of individual shareholders who purchased Isilon Systems, Inc. stock. The complaint filed on December 12, 2007, alleged that Isilon Systems, Inc., and several of its officers and directors violated federal securities laws when the Registration Statement and the Prospectus associated with the Isilon Systems initial public offering (“IPO”) in December 2006, failed to disclose the deceptive business practices that the company was engaging in, which lead to an artificially high IPO sale. The stock continued to trade at artificially high prices as certain officers of the company continued to issue materially false statements during the class period of December 14, 2006 and October 3, 2007.
On March 5, 2010, the Court granted Plaintiffs’ Motion for Final Approval of Class Action Settlement.