Intrenet, Inc. - Securities Class Action

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_______________
Copyright (c) 2001
Stanford Law School

Intrenet, Inc. Summary: According to the docket posted, on March 26, 2004, the Court entered the Mandate from the U.S. Court of Appeals for the Sixth Circuit. The judgment of the District Court was affirmed.

Previously, on February 20, 2001, a Notice/Stipulation of Dismissal was filed as to party Intrenet, Inc. On January 21, 2001, the Court entered the Order by Judge Sandra S. Beckwith granting the motions for appointment of lead plaintiffs and for approval of co-lead counsels. On August 17, 2001, the plaintiffs filed a Consolidated First Amended Complaint against the remaining individual defendants and adding Arthur Andersen as a defendant. On October 10, 2001, the defendants responded by filing a motion to dismiss the Amended Class Action Complaint. On February 26, 2002, the Court entered the Order granting in part and denying in part the individual defendants' motion to dismiss and granting defendant Arthur Andersen's motion to dismiss. The action proceeded on plaintiffs’ Section 20(a) claims against the two individual defendants while dismissing party Arthur Andersen. In May 2005, the plaintiffs filed a motion to certify as a class action, and the defendants filed a motion for judgment on the pleadings. On July 17, 2002, the Court entered the Memorandum and Order and Judgment granting the defendants’ motion for judgment on the pleadings and denying as moot plaintiffs’ motion to certify as a class action. The case was terminated, but the plaintiffs soon after filed a notice of appeal.

The original Complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, by issuing materially false and misleading statements to the market. On October 13, 2000, Intrenet announced that it was investigating certain accounting irregularities which could result in a restatement of the Company's 1998 financial statements, 1999 financial statements and its Form 10Qs, filed with the Securities and Exchange Commission, for the first and second quarters of 2000. The Company acknowledged that it may have overstated its net income by approximately $1.3 million and its earnings by approximately $0.09 per share in violation of Generally Accepted Accounting Principles. The Company also said that until the investigation is completed, its previously reported financial results for the affected periods should not be relied upon.

INDUSTRY CLASSIFICATION:
SIC Code: 4213
Sector: Transportation
Industry: Trucking

COMPANY/ISSUER NAME:	Intrenet, Inc.
COMPANY/ISSUER TICKER:	INETE
COMPANY WEBSITE:	http://www.intrenetinc.com

FIRST IDENTIFIED COMPLAINT IN THE DATABASE

PR Diamonds Inc., et al., et al. v. Chandler, et al.

COURT: S.D. Ohio	DOCKET NUMBER: 01-CV-00012
JUDGE NAME: Hon. Sandra S. Beckwith
DATE FILED: 01/11/2001	SOURCE: Business Wires
CLASS PERIOD START: 02/09/1999	CLASS PERIOD END: 10/13/2000
TYPE OF COMPLAINT: Unamended/Unconsolidated
PLAINTIFF FIRMS IN THIS OR SIMILAR CASE:
Abraham, Fruchter & Twersky 60 East 42 Street, New York, NY, 10021 (voice) 212.687.6655, (fax) , Berman DeValerio Pease Tabacco Burt & Pucillo (MA) One Liberty Square, Boston, MA, 2109 (voice) 617.542.8300, (fax) 617.230.0903, info@bermanesq.com Bernstein Liebhard & Lifshitz LLP (New York, NY) 10 E. 40th Street, 22nd Floor, New York, NY, 10016 (voice) 800.217.1522, (fax) , info@bernlieb.com Bull & Lifshitz 18 East 41st St., New York, NY, 10017 (voice) 212.213.6222, (fax) 212.213.9405, Cauley, Geller, Bowman, Coates & Rudman LLP (San Diego, CA) 225 Broadway, Suite 1900, San Diego, CA, 92010 (voice) 619.702.7350, (fax) 619.702.7351, 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 (San Diego, CA) 600 West Broadway, 1800 One America Plaza, San Diego, CA, 92101 (voice) 800.449.4900, (fax) , support@milberg.com Pomerantz Haudek Block Grossman & Gross LLP 100 Park Avenue, 26th Floor, New York, NY, 10017-5516ven (voice) 212.661.1100, (fax) 212.661.8665, info@pomerantzlaw.com/ Schiffrin & Barroway LLP 3 Bala Plaza E, Bala Cynwyd, PA, 19004 (voice) 610.667.7706, (fax) 610.667.7056, info@sbclasslaw.com _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 9

DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT

Type:		Date on the document:

REFERENCE COMPLAINT

PR Diamonds Inc., et al., et al. v. Chandler, et al.

COURT: S.D. Ohio	DOCKET NUMBER: 01-CV-00012
JUDGE NAME: Hon. Sandra S. Beckwith
DATE FILED: 08/17/2001	SOURCE: Business Wires
CLASS PERIOD START: 02/09/1999	CLASS PERIOD END: 10/13/2000
TYPE OF COMPLAINT: First Amended and Consolidated
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Abraham, Fruchter & Twersky 60 East 42 Street, New York, NY, 10021 (voice) 212.687.6655, (fax) , Berman, DeValerio & Pease LLP One Liberty Square, Boston, MA, 02109 (voice) (617) 542-8300, (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 (San Diego, CA) 600 West Broadway, 1800 One America Plaza, San Diego, CA, 92101 (voice) 800.449.4900, (fax) , support@milberg.com Pomerantz Haudek Block Grossman & Gross LLP 100 Park Avenue, 26th Floor, New York, NY, 10017-5516ven (voice) 212.661.1100, (fax) 212.661.8665, info@pomerantzlaw.com/ Strauss & Troy The Federal Reserve Building, 150 East Fourth Street, Cincinnati, OH, 45202-4018 (voice) 513.621.2120, (fax) 513.241.8250, wlwoods@strauss-troy.com _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 6

DOCUMENTS FOR THE REFERENCE COMPLAINT
U.S. District Court Civil Docket
Type: Docket		Date on the document: 04/21/2004

OTHER DOCUMENTS
U.S. District Court Civil Docket
Case Name and/or Number: Ellis, et al. v. Intrenet, Inc., et al.
Type: Docket		Date on the document: 06/14/2002
Opinion [From the U.S. Court of Appeals for the Sixth Circuit]
Case Name and/or Number: PR Diamonds Inc., et al., et al. v. Chandler, et al.
Type: Other		Date on the document: 03/03/2004

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