Carbonite Inc. will escape a securities class action accusing it of misleading investors about the prospects of an unsuccessful virtual data recovery product, because the plaintiffs failed to adequately allege that the company’s officers had the actual intent to defraud, a federal court in Massachusetts said Thursday.
Carbonite is a software company that provides backup services, archiving, data protection, and workload migration to customers. In 2018 it launched the Server Backup VM Edition, which was designed to allow businesses to manage, store, and recover virtual data from a single console.
VME never worked, from the time it was introduced until ...
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