First Security Corporation - Securities Class Action

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_______________
Copyright (c) 2001
Stanford Law School

First Security Corporation Conclusion: According to the latest docket posted, on June 14, 2002, the Defendants filed a motion to dismiss and the hearing was held for the motion to dismiss on November 20, 2002. By the Memorandum Decision entered on December 2, 2002, U.S. District Judge Dale A. Kimball granted the motion to dismiss the Plaintiffs' Amended Proposed Class Action Complaint for Violations of Federal Securities Laws. The case is closed.

The original complaint charges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market between October 18, 1999, and March 2, 2000, thereby artificially inflating the price of First Security common stock. For example, as alleged in the complaint, on January 19, 2000, the Company reported earnings of $0.37 per share during its fourth quarter of fiscal 1999, constituting an increase over the comparable quarter of 1998. In fact, the Company's fourth quarter earnings per share were affected by an undisclosed one-time nonrecurring gain of $0.04 per share. Thus the Company's true operating performance was $0.33 per share, representing a decrease over the comparable 1998 period. When the Company revealed, on March 3, 2000, that its operating results for the fourth fiscal quarter would fall short of estimates, the price of First Security common stock dropped by 38%, falling from $22.50 per share, to $13.968 per share.

INDUSTRY CLASSIFICATION:
SIC Code: 6712
Sector: Financial
Industry: S&Ls/Savings Banks

COMPANY/ISSUER NAME:	First Security Corporation
COMPANY/ISSUER TICKER:	FSCO [DELISTED]
COMPANY WEBSITE:	http://www.firstsecuritybank.com

FIRST IDENTIFIED COMPLAINT IN THE DATABASE

Anderson, et al. v. First Security Corporation, et al.

COURT: D. Utah	DOCKET NUMBER: 00-CV-418
JUDGE NAME: Hon. Dale A. Kimball
DATE FILED: 05/22/2000	SOURCE: Notice
CLASS PERIOD START: 10/18/1999	CLASS PERIOD END: 03/02/2000
TYPE OF COMPLAINT: Unamended/Unconsolidated
PLAINTIFF FIRMS IN THIS OR SIMILAR CASE:
Cauley & Geller 2255 Glades Road, #421A, Boca Raton, FL, 33431 (voice) (561)750-3000, (fax) , Law Offices of Charles J. Piven, P.A. World Trade Center-Baltimore,401 East Pratt Suite 2525, Baltimore, MD, 21202 (voice) 410.332.0030, (fax) , pivenlaw@erols.com Law Offices of Leo W. Desmond 2161 Palm Beach Lakes Blvd., Suite 204, West Palm Beach, FL, 33409 (voice) 888.337.6663, (fax) , Info@SecuritiesAttorney.com Milberg Weiss Bershad Hynes & Lerach LLP (San Diego, CA) 600 West Broadway, 1800 One America Plaza, San Diego, CA, 92101 (voice) 800.449.4900, (fax) , support@milberg.com Schiffrin & Barroway LLP 3 Bala Plaza E, Bala Cynwyd, PA, 19004 (voice) 610.667.7706, (fax) 610.667.7056, info@sbclasslaw.com Spector Roseman & Kodroff (San Diego) 1818 Market Street, Suite 2500, Philadelphia, PA, 19103 (voice) 215.496.0300, (fax) 215.496.6611, Stull, Stull & Brody (New York) 6 East 45th Street, New York, NY, 10017 (voice) 310.209.2468, (fax) 310.209.2087, SSBNY@aol.com Weiss & Yourman (New York, NY) The French Building, 551 Fifth Ave., Suite 1600, New York, NY, 10126 (voice) 212.682.3025, (fax) 212.682.3010, info@wyca.com _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 8

DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT
Proposed Class Action Complaint For Violation Of The Securities And Exchange Act Of 1934 - Demand For Jury Trial
Type: Complaint		Date on the document: 05/22/2000
Joint Stipulation And Order Consolidating The Actions And Appointing Lead Plaintiff And Lead And Liaison Counsel
Type: Order		Date on the document: 08/09/2000
Docket
Type: Docket		Date on the document: 08/16/2000

REFERENCE COMPLAINT

Anderson, et al. v. First Security Corporation, et al.

COURT: D. Utah	DOCKET NUMBER: 00-CV-418
JUDGE NAME: Hon. Dale A. Kimball
DATE FILED: 11/28/2000	SOURCE: Business Wires
CLASS PERIOD START: 10/18/1999	CLASS PERIOD END: 03/02/2000
TYPE OF COMPLAINT: Consolidated and/or Amended
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Anderson & Karrenberg 700 Bank One Tower, 50 West Broadway, Salt Lake City, UT, 84101 (voice) 801.534.1700, (fax) , Cauley & Geller 2255 Glades Road, #421A, Boca Raton, FL, 33431 (voice) (561)750-3000, (fax) , Law Offices of Charles J. Piven, P.A. World Trade Center-Baltimore,401 East Pratt Suite 2525, Baltimore, MD, 21202 (voice) 410.332.0030, (fax) , pivenlaw@erols.com Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY) One Pennsylvania Plaza, New York, NY, 10119-1065 (voice) 212.594.5300, (fax) , Schiffrin & Barroway LLP 3 Bala Plaza E, Bala Cynwyd, PA, 19004 (voice) 610.667.7706, (fax) 610.667.7056, info@sbclasslaw.com Weiss & Yourman (New York, NY) The French Building, 551 Fifth Ave., Suite 1600, New York, NY, 10126 (voice) 212.682.3025, (fax) 212.682.3010, info@wyca.com _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 6

DOCUMENTS FOR THE REFERENCE COMPLAINT
Memorandum Decision and Order
Type: Order		Date on the document: 11/27/2002
Judgment in a Civil Case
Type: Other		Date on the document: 12/10/2002
U.S. District Court Civil Docket
Type: Docket		Date on the document: 12/30/2002

OTHER DOCUMENTS
Notice Of Proposed Settlement Of Class Action – State Court
Case Name and/or Number: 000907870
Type: Settlement		Date on the document: 05/29/2003

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