Prism Solutions, Inc. (acquired by Ardent Software) Conclusion: According to the closing Order, dated 4/16/1998 from U.S. District Judge Fern M. Smith of the United States District Court for the District of Northern California, the case was dismissed without prejudice. All parties shall bear their own costs, expenses, attorneys' and other fees in connection with this action.
The original complaint charges Prism and certain of its officers, directors and underwriters of its initial public offering with violations of the California Corporations and Civil Codes and the federal Securities Act of 1933. Prior to and during the Class Period, defendants artificially inflated the demand for Prism common stock so they could issue 2,170,000 shares at $17 per share on March 14, 1996, and further inflated the stock price to as high as $36-3/4 in May 1996, before the true adverse facts known to them concerning Prism's business and prospects slowly began to be revealed, causing Prism's stock price to plunge to as low as $4-1/4 following the end of the Class Period.
SIC Code: 7372
Industry: Software & Programming
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