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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. | |||||||||||||||||
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| 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. | |||||||||||||||||
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| 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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