Storage Web Digest: Legato Shareholders Sue to Stop EMC Deal
Two suits seek to prevent the EMC buyout of Legato and force the backup software vendor to pursue other options that would be "in the interests of shareholders."
Enterprise StorageLegato Shareholders Sue to Stop EMC Deal Legato Systems Inc. of Mountain View, Calif., announced Wednesday that it had been served with two lawsuits filed against the company and its board of directors in connection with the recently announced agreement that EMC Corp. would acquire the company. The two suits were both filed in Santa Clara County Superior Court, and both claim "breach of fiduciary duty and self-dealing" against the defendants. Both suits seek to prevent the transaction and force Legato to pursue other options that would be "in the interests of shareholders."
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Personal StorageMemorex Introduces Dual-X DVD Recorder Memorex Products Inc. offers its Dual-X DVD Recorder, offering support for both DVD+ and DVD- recording formats. Consumers can create DVDs that are playable in virtually any DVD-ROM or DVD player, and take advantage of full CD recording, rewriting and reading functions. Particularly important in DVD disc authoring and recording, the Memorex Dual-X drive achieves approximately 10 times better overwrite performance than previous benchmark DVD recorders, the company said. Memorex said it achieves this using a defect management system that allows discs to be rewritten many times over without causing a degradation of disc quality or sacrificing write performance. Read the full press release on: Silicon Valley Business Ink
Storage BusinessIomega Posts Lower Profit, Cuts 200 Jobs Iomega Corp. reported a lower quarterly net profit this week, and the company cut 200 jobs as sales slipped on slack demand for its core "Zip" line of portable storage products. The company posted second-quarter profit of $4.4 million, or 9 cents per share, compared with a profit of $11.5 million, or 22 cents per share, a year earlier. Revenues fell 31 percent to $100.8 million from $145.2 million a year earlier. Zip drive sales fell 42 percent in the quarter. Read the full story on:Reuters SanDisk Blows Past 2Q Profit Estimate Strong sales of digital cameras, camera cell phones, and USB drives that use high density flash memory boosted SanDisk Corp.s second quarter revenue. The company this week reported total revenue for the just-ended quarter was $234.6 million, with product revenue representing $214 million of that amount. Earnings per share were 52 cents on net income of $41.3 million, compared to 13 cents and $9 million in the second quarter of 2002. Total megabytes sold grew 200 percent year over year and 54 percent sequentially, though average price-per-megabyte declined 42 percent and 11 percent, respectively. Read the full story on:EBN