Riverstone Networks, Inc. Conclusion: On December 26, 2007, the Court entered the Mandate from the U.S. Court of Appeals for the Ninth Circuit. According to the Mandate, the judgment of the District Court is affirmed.
According to the latest docket posted, on April 28, 2005, the Court entered the final Judgment and Order of Dismissal signed by U.S. District Judge Phyllis J. Hamilton approving the settlement. On October 19, 2005, the Court issued an Order regarding motions for attorneys’ fees, and on November 18, 2005, a Notice of Appeal as to the Order was filed.
In a Press Release dated May 3, 2004, the Company announced an agreement in principle to settle all securities class action lawsuits pending against it, subject to court approval, and expects to pay the agreed upon $18.5 million settlement into an escrow fund in June 2004. The Company is continuing to negotiate with the insurance carriers on their reimbursement of this settlement.
The original Complaint charges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10-b(5). The action alleges that defendants issued a series of false and misleading statements concerning the Company's financial condition and sales. Specifically, defendants misled the investing community concerning the true effect that the downturn in telecom spending had upon the Company.
SIC Code: 3576
Industry: Computer Hardware
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