Green & Jigarjian LLP Announces Class Action Lawsuit Against VERITAS Software Corp. on Behalf of Investors

SAN FRANCISCO, February 5, 2003: On February 5, 2003, Green & Jigarjian LLP announced that a class action has been filed in the United States District Court for the Northern District of California, on behalf of purchasers of VERITAS Software Corporation ("VERITAS" or the "Company") (Nasdaq:VRTS - news) publicly traded securities during the period between January 24, 2001 and January 16, 2003, inclusive (the "Class Period").

    The complaint charges VERITAS Software Corporation and certain of its officers and directors with issuing false and misleading statements concerning its business and financial condition. Specifically, the complaint alleges that: (i) the Company lacked sufficient internal controls and therefore was unable to understand its true financial standing; (ii) the Company had improperly accounted its transaction with AOL Time Warner; (iii) the Company's improper treatment of its transactions and revenue recognition policies resulted in material overstatement of revenue and income at all relevant times. The scheme deceived the investing public regarding Veritas's business, operations and management and inflated the intrinsic value of the Company's shares. On January 17, 2003, the Company announced the restatement of its 2000, 2001 and 2002 financial statements as a result of its improper accounting for transactions with AOL Time Warner. The release stated in part: "(t)he transactions involved a $50 million software purchase by AOL and a $20 million advertising services purchase from AOL."

    If you bought VERITAS publicly traded securities between January 24, 2001 and January 16, 2003, inclusive, and you wish to serve as lead plaintiff, you must move the Court no later than March 24, 2003.

    A copy of the Complaint is available from the court or from Green & Jigarjian LLP. Please direct your inquiries concerning the Veritas action to Robert S. Green or Robert A. Jigarjian by telephoning (415) 477-6700 or emailing gj@classcounsel.com. You may also contact the firms of Cauley, Geller, Bowman & Coates, LLP; Schiffrin & Barroway LLP or Rabin, Murray & Frank LLP.

    Pursuant to the requirements established by the Private Securities Litigation Reform Act of 1995, members of the Class are advised that any member of the Class may move the court to serve as lead plaintiff in the case on or before March 24, 2003.

    The attorneys of Green & Jigarjian LLP have extensive nationwide experience in prosecuting complex cases involving securities fraud, breach of fiduciary duty by company management and other violations of the rights of investors. To visit our website for more information, please go to http://www.classcounsel.com.

Contact Person: Robert S. Green