Value America, Inc. - Securities Class Action

Company and Case Information

IMPORTANT INFORMATION | INDEX OF FILINGS | SEARCH

Home

Index of Filings

News and Press Releases

Filings

Decisions

Settlements

Litigation Activity Indices

Top Ten List

Annual/Quarterly Updates

Clearinghouse Research

Articles & Papers

Search

Related Sites

About Us

Local Rules

Sponsors

Register

_______________
Copyright (c) 2001
Stanford Law School

Value America, Inc. Conclusion: On August 23, 2004, the Court entered the Final Judgment and Order. The settlement was approved and the case dismissed with prejudice. The Plaintiffs' Counsel was awarded attorneys' fees in the amount of 25% of the settlement fund, and reimbursement of expenses in the amount of $149,538 .5, plus interest.

By the Notice Of Pendency Of Class Action, a settlement hearing will be held on August 13, 2004 at 1:00 p.m., before the Honorable Norman K. Moon, United States District Judge, at the United States Courthouse, Western District of Virginia, 255 West Main Street, Courtroom 300, Charlottesville, Virginia 22902 (the “Settlement Hearing”). The purpose of the Settlement Hearing will be to determine: (1) whether to finally certify the Class; (2) whether the settlement consisting of $4.6 million in cash should be approved as fair, reasonable and adequate; (3) whether the proposed plan to distribute the settlement proceeds (the “Plan of Allocation”) is fair, reasonable, and adequate; (4) whether the application by Plaintiffs’ Counsel for an award of attorneys’ fees and expenses should be approved; (5) whether the Litigation should be dismissed with prejudice; and (6) to consider and rule upon such other matters as the Court may deem appropriate.

Earlier, according to the Notice, four actions were consolidated for all purposes by an Order dated May 10, 2000. Value America, which had been named as a defendant in all of the complaints in the Litigation at the time of consolidation, filed a voluntary bankruptcy petition under Chapter 11 of the Bankruptcy Code on August 11, 2000. On October 20, 2000, Plaintiffs voluntarily dismissed Value America as a defendant in the Litigation. The dismissal was approved by the Court on November 14, 2000. Plaintiffs filed their First Amended Class Action Complaint against Defendants on August 31, 2000 alleging that the registration statement and prospectus filed in connection with the April 7, 1999 initial public offering of Value America common stock failed to disclose material financial, business, and technological deficiencies from which Value America suffered. Defendants filed a motion to dismiss the First Amended Class Action Complaint, which the Court granted in part and denied in part by a Memorandum Opinion and Order dated July 19, 2001. On August 8, 2001, Plaintiffs filed a Second Amended Class Action Complaint (the “Complaint”), which is the operative complaint in the Litigation. Defendants filed a motion to dismiss the Complaint, which the Court denied by an Order dated October 11, 2002, and a Memorandum Opinion, dated April 3, 2003.

The original complaint alleges Defendants' public misrepresentations and omissions of material adverse information regarding, inter alia, Value America's financial condition were known to them, or were recklessly disregarded by them and caused the market price of Value America securities to be artificially inflated during the class period. During the class period, plaintiff and each member of the class purchased Value America securities in the IPO and/or open market without knowledge of the false and misleading statements and omissions of the defendants and without knowledge that the price of those securities was artificially inflated.

INDUSTRY CLASSIFICATION:
SIC Code: 5961
Sector: Services
Industry: Retail (Catalog & Mail Order)

COMPANY/ISSUER NAME:	Value America, Inc.
COMPANY/ISSUER TICKER:	VUSA
COMPANY WEBSITE:	http://www.valueamerica.com

FIRST IDENTIFIED COMPLAINT IN THE DATABASE

Sikes, et al. v. Value America, Inc., et al.

COURT: W.D. Virginia	DOCKET NUMBER: 00-CV-00004
JUDGE NAME: Hon. Norman K. Moon
DATE FILED: 1/10/2000	SOURCE: Business Wires
CLASS PERIOD START: 4/7/1999	CLASS PERIOD END: 12/28/1999
TYPE OF COMPLAINT: Complaint (Unamended and Unconsolidated)
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Abbey Gardy & Squiteri LLP (San Francisco) 595 Market Street, Suite 2500, San Francisco, CA, 94105 (voice) 415.538.3725, (fax) , Alfred G. Yates, Jr. 429 Forbes Avenue, Pittsburgh , PA, 15219 (voice) 412.391.5164, (fax) , Carmel Nelson & Dugger, PLC 408 Park Street, Charlottesville, VA, 22902 (voice) 804.979.0053, (fax) , Schiffrin & Barroway LLP 3 Bala Plaza E, Bala Cynwyd, PA, 19004 (voice) 610.667.7706, (fax) 610.667.7056, info@sbclasslaw.com Wolf Haldenstein Adler Freeman & Herz LLP 270 Madison Avenue, New York, NY, 10016 (voice) 212.545.4600, (fax) 212.686.0114, newyork@whafh.com _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 5

DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT
Class Action Complaint
Type: Complaint		Date on the document: 01/10/2000

REFERENCE COMPLAINT

Sikes, et al. v. Value America, Inc., et al.

COURT: W.D. Virginia	DOCKET NUMBER: 00-CV-00004
JUDGE NAME:
DATE FILED: 8/9/2001	SOURCE: Business Wires
CLASS PERIOD START: 4/7/1999	CLASS PERIOD END: 10/6/1999
TYPE OF COMPLAINT: Second Amended
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Abbey Gardy, LLP 212 East 39th Street, New York, NY, 10016 (voice) 212.889.3700, (fax) , info@abbeygardy.com _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 1

DOCUMENTS FOR THE REFERENCE COMPLAINT
First Amended Class Action Complaint
Type: Complaint		Date on the document: 8/31/2000
Stipulation of Settlement
Type: Settlement		Date on the document: 03/19/2004
Notice Of Pendency Of Class Action, Conditional Class Determination, Proposed Settlement Of Class Action, Settlement Fairness Hearing, Application For Attorneys’ Fees And Right To Share In The Net Settlement Fund
Type: Notice		Date on the document: 06/04/2004
Final Judgment and Order
Type: Order		Date on the document: 08/20/2004
U.S. District Court Civil Docket
Type: Docket		Date on the document: 08/08/2005

OTHER DOCUMENTS

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

WARNING AND DISCLAIMER OF LIABILITY:
The information included on this Web site, whether provided by personnel employed by Stanford Law School or by third parties, is provided for research and teaching purposes only. Neither Stanford University, Stanford Law School, nor any of their employees, agents, contractors, or affiliates warrant the accuracy or completeness of the information or analyses displayed herein, and we caution all readers that inclusion of any information on this site does not constitute an endorsement of the truthfulness or accuracy of that information. In particular, this Web site contains complaints and other documents filed in federal and state courts, which make allegations that may or may not be accurate. No reader should, on the basis of information contained in or referenced by this Web site, assume that any of these allegations are truthful.

Go to Search page | Go to Case Index page | Back to Top

�