Datastream Systems - Securities Class Action

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_______________
Copyright (c) 2001
Stanford Law School

Datastream Systems Conclusion: According to the docket, on December 6, 2000, U.S. District Judge G. R. Anderson Jr. approved the five million dollar settlement. The plaintiff’s counsel was awarded 30% of the settlement and attorney’s fees in the amount of $97,770.00. Earlier, the Court entered an Order on May 12, 2000, dismissing the action without prejudice and the Stipulation and Agreement of Settlement was entered on September 22, 2000.

The original Complaint alleges that defendants improperly inflated earnings from operations by utilizing accounting treatments not in conformity with generally accepted accounting practices. Specifically, the Complaint alleges that defendants (1) improperly accounted for operating expenses as one-time charges connected to acquisitions; and (2) beginning in the second quarter of 1998, capitalized marketing expenses that had previously been expenses without disclosing a material change in its accounting practices. The Complaint further alleges that defendants' misleading positive statements artificially inflated the price of Datastream's common stock during the Class Period. On October 20, 1998, Datastream surprised investors by issuing a press release announcing disappointing earnings for the third quarter of 1998. The market reacted sharply to the announcement with Datastream stock falling $4-1/8 or 29%, to $10 per share. Datastream common stock had traded above $20 per share for much of the Class Period.

INDUSTRY CLASSIFICATION:
SIC Code: 7372
Sector: Technology
Industry: Software & Programming

COMPANY/ISSUER NAME:	Datastream Systems
COMPANY/ISSUER TICKER:	DSTM
COMPANY WEBSITE:	http://www.dstm.com

FIRST IDENTIFIED COMPLAINT IN THE DATABASE

Neely, et al. v. Datastream Systems, et al.

COURT: D. South Carolina	DOCKET NUMBER: 99-CV-00088
JUDGE NAME: Hon. G. Ross Anderson, Jr.
DATE FILED: 1/11/1999	SOURCE: Internet
CLASS PERIOD START: 4/1/1998	CLASS PERIOD END: 10/20/1998
TYPE OF COMPLAINT: Complaint (Unamended and Unconsolidated)
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Berger & Montague PC 1622 Locust Street, Philadelphia, PA, 19103 (voice) 800.424.6690, (fax) 215.875.4604, investorprotect@bm.net Ness, Motley, Loadholt, Richardson & Poole 28 Bridgeside Blvd. , Mt. Pleasant, SC, 29464 (voice) 843.216.9000, (fax) , inquiry@nmlrp.com _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 2

DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT
Complaint for Violations of the Securities Exchange Act of 1934
Type: Complaint		Date on the document: 01/11/1999
CIVIL DOCKET FOR CASE #: 99-CV-88
Type: Docket		Date on the document: 06/06/1999
Order Consolidated Related Cases For All Purposes
Type: Order of Consolidation		Date on the document: 8/12/1999

REFERENCE COMPLAINT

In Re: Datastream Systems Securities Litigation

COURT: D. South Carolina	DOCKET NUMBER: 99-CV-00088
JUDGE NAME: Hon. G. Ross Anderson, Jr.
DATE FILED: 8/13/1999	SOURCE: Business Wires
CLASS PERIOD START: 4/1/1998	CLASS PERIOD END: 10/20/1998
TYPE OF COMPLAINT: Consolidated and/or Amended
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Berger & Montague PC 1622 Locust Street, Philadelphia, PA, 19103 (voice) 800.424.6690, (fax) 215.875.4604, investorprotect@bm.net Milberg Weiss Bershad Hynes & Lerach LLP (Boca Raton) The Plaza, Suite 900, 5355 Town Center Road, Boca Raton, FL, 33486 (voice) (561) 361-5000, (fax) , _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 2

DOCUMENTS FOR THE REFERENCE COMPLAINT
Consolidated Amended Class Action Complaint For Violations Of The Securities Exchange Act of 1934
Type: Complaint		Date on the document: 8/13/1999
Stipulation And Agreement Of Settlement
Type: Settlement		Date on the document: 9/22/2000
Order and Final Judgment
Type: Notice		Date on the document: 12/06/2000
U.S. District Court Civil Docket
Type: Docket		Date on the document: 03/04/2002

OTHER DOCUMENTS

Case Name and/or Number:
Type:		Date on the document:

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