From Bloomberg News

A judge has dismissed a class-action lawsuit against Siebel Systems Inc., saying investors failed to establish that the company misled them before it disclosed that its Siebel 7 software wasn’t selling as well as expected.

Shareholders sued San Mateo, Calif.-based Siebel, which makes customer-service software, in federal court in San Francisco more than a year after the July 2002 announcement that sent shares down 21%.

“Many of the challenged statements about Siebel 7 are simply too vague to be actionable,” U.S. District Judge Charles R. Breyer wrote in Wednesday’s decision, adding that the plaintiffs also lacked facts to support their case.