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Advanced Fibre Communications, Inc. Conclusion: On November 18, 2002, U.S. District Judge Jeremy Fogel granted the motions for attorney fees and reimbursement of expenses, final approval of the settlement, and the plan of allocation. The action was dismissed with prejudice. According to AFC’s Form 10-K For the fiscal year ended December 31, 2002, the total amount of the settlement was $20.0 million, $2.9 million of which was not funded by insurance.
The original complaint charges Advanced Fibre with misleading their investors with false information about the company's financial condition and prospects. The defendants publicly represented that GTE Communications Systems Corporation was their biggest client and largely responsible for Advanced Fibre's substantial growth in earnings and revenue. However, they failed to disclose that they had lost the GTE contract and thereafter sales to GTE were winding down. In addition, Advanced Fibre provided misleading information regarding their operations, success, and growth prospects in China and the domestic success achieved while courting the Regional Bell Operating Companies. As a result, common stock value was inflated and high level executives were able to pocket over $100 million in proceeds. On June 30, 1998, when it was revealed that the information provided to investors was misleading, and that sales and earnings would be "below expectations, common stock value plummeted 52%."
INDUSTRY CLASSIFICATION:
SIC Code: 3661
Sector: Technology
Industry: Communications Equipment
| COMPANY/ISSUER NAME: | Advanced Fibre |
| COMPANY/ISSUER TICKER: | AFCI |
| COMPANY WEBSITE: | http://www.afc.com |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| Kwalbrun, et al. v. Advanced Fibre Commun., Inc., et al. | |||||||||||||||||
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| DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT | |||
| Complaint for Violation of the 1934 Act | |||
| Type: Complaint | Date on the document: 07/02/1998 | ||
| [Corrected] Complaint for Violation of the Securities Exchange Act of 1934 | |||
| Type: Complaint | Date on the document: 07/06/1998 | ||
| Notice of Motion, Motion and Memorandum of Points and Authorities in Support of the Kwalbrun Plaintiffs Group's Motion to Consolidate | |||
| Type: Notice | Date on the document: 08/31/1998 | ||
| The Kwalbrun Plaintiffs Group's Notice Of Motion, Motion And Memorandum Of Points And Authorities In Support Of Motion To Be Appointed Lead Plaintiff Pursuant | |||
| Type: Notice | Date on the document: 08/31/1998 | ||
| REFERENCE COMPLAINT | |||||||||||||||||
| In Re Advanced Fibre, Inc. Securities Litigation | |||||||||||||||||
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| OTHER DOCUMENTS | |||
| Class Action Complaint | |||
| Case Name and/or Number: Kassover [C-98-2641-SC] | |||
| Type: Complaint | Date on the document: 07/02/1998 | ||
| Complaint For Violation Of The Securities Exchange Act Of 1934 | |||
| Case Name and/or Number: Kluck and Quintina | |||
| Type: Complaint | Date on the document: 07/15/1998 | ||
| Docket | |||
| Case Name and/or Number: Kassover v. Advanced Fibre Communications, Inc., et al. | |||
| Type: Docket | Date on the document: 11/06/1998 | ||
| Second Amended Complaint For Violation Of The Federal Securities Laws | |||
| Case Name and/or Number: State Board Of Administration Of Florida | |||
| Type: Complaint | Date on the document: 06/14/2000 | ||
| Second Amended Complaint For Violation Of The Federal Securities Laws | |||
| Case Name and/or Number: Earnest | |||
| Type: Complaint | Date on the document: 06/14/2000 | ||
| Defendant’s Notice Of Motion And Motion To Dismiss Plaintiff John Earnest’s Third Amended Complaint | |||
| Case Name and/or Number: Earnest | |||
| Type: Notice | Date on the document: 10/15/2001 | ||
| Defendants’ Notice Of Motion And Motion To Dismiss Plaintiff State Board Of Administration Of Florida’s Third Amended Complaint | |||
| Case Name and/or Number: State Board Of Administration Of Florida | |||
| Type: Notice | Date on the document: 10/15/2001 | ||
| Defendants' Answer To Plaintiff's Fourth Amended Complaint | |||
| Case Name and/or Number: State Board Of Administration Of Florida | |||
| Type: Other | Date on the document: 06/24/2002 | ||
| Defendants' Answer To Plaintiff's Fourth Amended Complaint | |||
| Case Name and/or Number: Earnest | |||
| Type: Other | Date on the document: 06/24/2002 | ||
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