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Additional Class Action Suit Filed Against SafeNet, Inc., Including Claims Arising From SafeNet's Acquisition of Rainbow Technologies, Inc. Announces Bernstein Litowitz Berger & Grossmann LLP

Additional Class Action Suit Filed Against SafeNet, Inc., Including Claims Arising From SafeNet's Acquisition of Rainbow Technol

NEW YORK, NY -- (MARKET WIRE) -- 08/16/06 -- Bernstein Litowitz Berger & Grossmann LLP ("BLB&G") today announced that on August 15, 2006, it commenced a class action lawsuit in the United States District Court for the Southern District of New York on behalf of plaintiff Michael J. Golde and all similarly situated purchasers or acquirers of SafeNet, Inc. ("SafeNet" or the "Company") (NASDAQ: SFNT) common stock during the period between March 31, 2003 to May 18, 2006 (the "Class Period"). The case is captioned "Michael J. Golde v. SafeNet, Inc., et al.," Case No., 06-CV-6194, and is filed as a related case to a previously filed action, captioned "Police & Fire Retirement System of the City of Detroit v. SafeNet, Inc., et al.," Case No., 06-CV-5797, which was filed on August 1, 2006, and was assigned to the Honorable Paul A. Crotty. This notice relates to the notice of the prior suit that BLB&G published in a press release dated August 1, 2006.

In addition to the claims asserted in the prior action, this action also asserts claims on behalf of the former shareholders of Rainbow Technologies, Inc. ("Rainbow") who approved the March 2004 merger of Rainbow with SafeNet and who exchanged their shares of Rainbow for shares of SafeNet as a result of the acquisition.

The Complaint alleges that during the Class Period, SafeNet and the individual defendants violated the federal securities laws by issuing false and misleading proxy statements and periodic SEC filings. The Complaint alleges that, throughout the Class Period, Defendants improperly administered SafeNet stock option plans to provide themselves with unlawful benefits, which they materially misrepresented and failed to disclose to the public and which they failed to properly account for in SafeNet's reported financial statements. Defendants' misrepresentations regarding its stock option grants were disseminated to the public in SafeNet's annual and quarterly filings, as well as annual proxy statements, throughout the Class Period. The Complaint also alleges that in connection with SafeNet's solicitation for the approval of its stock-for-stock merger transaction with Rainbow, effectuated on March 15, 2004, SafeNet and certain of the individual defendants issued a false and misleading registration statement and joint proxy statement/prospectus, thereby injuring Rainbow's shareholders who accepted the terms of the merger exchange. Finally, the Complaint alleges that during the second and third quarters of 2005, Defendants engaged in improper accounting of revenues and costs relating to certain long-term delivery contracts.

The Complaint filed by Plaintiff Golde alleges that: Defendants SafeNet, Anthony A. Caputo, Carole D. Argo, Thomas A. Brooks, Ira A. Hunt, Jr., Bruce R. Thaw, Shelley A. Harrison and Andrew E. Clark violated Sections 11 and 15 of the Securities Act of 1933 (the "Securities Act"); Defendants SafeNet, Caputo and Argo violated Section 12(a)(2) of the Securities Act; Defendants SafeNet, Argo, Brooks, Hunt, Thaw, Harrison, Clark, Arthur L. Money and Walter W. Straub violated Section 14(a) of the Securities Exchange Act of 1934 (the "Exchange Act") and Rule 14a-9 promulgated thereunder; each of the above-listed Defendants and Defendant Kenneth A. Mueller violated Section 10(b) of the Exchange Act and Rule 10b-5 promulgated thereunder; and, all of the individual Defendants violated Section 20(a) of the Exchange Act.

As indicated in the prior notice, the deadline by which any member of the Class may file a motion for appointment as lead plaintiff in the pending lawsuits is 60 days from August 1, 2006, the date that notice of "Police & Fire Retirement System of the City of Detroit v. SafeNet, Inc.," was published, or October 2, 2006. A Lead Plaintiff is a representative party that acts on behalf of other Class members in directing the litigation. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Plaintiff's counsel, Gerald H. Silk or Salvatore J. Graziano of Bernstein Litowitz at 212-554-1400, or via e-mail at [email protected] or [email protected], respectively. You can view a copy of the Complaints filed by Michael J. Golde and the Police & Fire Retirement System of the City of Detroit as filed online at http://www.blbglaw.com/cases/safenet_securities.html. Any member of the proposed class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed class. A Class member need not seek appointment as lead plaintiff to share in any recovery and retention of counsel is not required.

Plaintiff is represented by BLB&G, a firm of 50 attorneys with offices in New York, California, Louisiana and New Jersey, which has extensive expertise in prosecuting investor class actions involving financial fraud. Since its founding in 1983, BLB&G has built an international reputation for excellence and integrity. Specializing in securities fraud, corporate governance, shareholders' rights, employment discrimination and civil rights litigation, among other practice areas, BLB&G prosecutes class and private actions on behalf of institutional and individual clients worldwide. Unique among its peers, BLB&G has obtained six of the ten largest and most significant securities recoveries in history, recovering nearly $20 billion on behalf of defrauded investors.

More information about Bernstein Litowitz Berger & Grossmann LLP can be found online at www.blbglaw.com.

CONTACT:
Bernstein Litowitz Berger & Grossmann LLP, New York, N.Y.
Gerald H. Silk
212-554-1400

Salvatore J. Graziano
212-554-1400

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