SOURCE: Brower Piven, A Professional Corporation

September 16, 2011 17:57 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $250,000 From Investment in Blue Coat Systems, Inc. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the October 31, 2011 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - Sep 16, 2011) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of the common stock of Blue Coat Systems, Inc. ("Blue Coat" or the "Company") (NASDAQ: BCSI) during the period between November 24, 2009 and May 27, 2010, inclusive (the "Class Period").

If you have suffered a net loss for all transactions in Blue Coat common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at, by email at, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than October 31, 2011 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that the Company had overstated demand for Blue Coat's product and service offerings in its European market from which the Company traditionally originated approximately 40% of sales, understated the difficulties Blue Coat was experiencing selling its WAN optimization products after the initial installation, understated the extent to which customers were cancelling orders of Blue Coat products and services, and understated the extent to which Blue Coat was losing market share to competitors. The complaint further alleges that during the Class Period Blue Coat's senior executives sold tens of millions of dollars of stock at prices inflated by the Company's failure to reveal the forgoing information. According to the complaint, after, on May 27, 2010, defendants announced that demand for Blue Coat's product and services offerings had significantly weakened in "almost every country in Europe" and that Blue Coat had been unable to close multiple sales in Europe and a consequent reduction of the Company's forward sales revenue and earnings guidance, the value of Blue Coat shares declined significantly.

If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

    Charles J. Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    Email Contact