Stellent, Inc. - Securities Class Action

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_______________
Copyright (c) 2001
Stanford Law School

Stellent, Inc. Conclusion: According to the Final Judgment and Order of Dismissal with Prejudice entered on November 16, 2005, this Court approves the settlement set forth in the Stipulation and finds that said settlement is, in all respects, fair, reasonable, and adequate. The case is closed.

By the Notice of Pendency and Proposed Settlement of Class Action, the proposed settlement creates a fund in the principal amount of $12,000,000.00 in cash (the “Settlement Fund”) and will include interest that accrues on the fund prior to distribution. Based on Lead Plaintiffs’ estimate of the number of shares entitled to participate in the settlement and the anticipated number of claims to be submitted by Settlement Class Members, the average recovery per share will be approximately $0.57 before deduction of Court-approved fees and expenses. However, your actual recovery from this fund will depend on a number of variables, including the number of claimants, the number of shares you purchased, the expense of administering the claims process, the timing of your purchases and sales (if any) and the type of security you purchased as explained more fully in Section VII below.

According to the docket posted, on January 30, 2004, the plaintiffs filed a Consolidated Class Action Complaint. On April 1, 2004, the defendants responded by filing a motion to dismiss the Consolidated Class Action Complaint. On July 23, 2004, the Court entered the Order signed by U.S. District Judge Richard H. Kyle denying the motion to dismiss. On August 24, 2005, a Stipulation of Settlement was filed. The settlement was preliminarily approved in an Order entered on September 9, 2005.

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 a series of materially false and misleading statements concerning the Company's revenue growth and its financial performance. As alleged in the complaint, these statements were materially false and misleading because they failed to disclose and/or misrepresented the following adverse facts, among others: (i) that significant amounts of the Company's sales were to affiliates that were financed by the Company itself; and (ii) that the Company's customer base was beginning to defer purchases and the expected revenue growth which the Company touted in press releases would no longer occur. When these facts were belatedly disclosed to the market, the price of Stellent common stock declined precipitously.

INDUSTRY CLASSIFICATION:
SIC Code: 7372
Sector: Technology
Industry: Software & Programming

COMPANY/ISSUER NAME:	Stellent, Inc.
COMPANY/ISSUER TICKER:	STEL
COMPANY WEBSITE:	http://www.stellent.com

FIRST IDENTIFIED COMPLAINT IN THE DATABASE

Kenneth Brown, et al. v. Stellent, Inc., et al.

COURT: D. Minnesota	DOCKET NUMBER: 03-CV-04384
JUDGE NAME: Hon. Richard H. Kyle
DATE FILED: 07/31/2003	SOURCE: Business Wires
CLASS PERIOD START: 10/02/2001	CLASS PERIOD END: 04/01/2002
TYPE OF COMPLAINT: Unamended/Unconsolidated
PLAINTIFF FIRMS IN THIS OR SIMILAR CASE:
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 Brian Felgoise 230 South Broad Street, Suite 404 , Philadelphia, PA, 19102 (voice) 215.735.6810, (fax) 215/735.5185., Cauley Geller Bowman Coates & Rudman LLP (Little Rock, AR) P.O. Box 25438, Little Rock, AR, 72221-5438 (voice) 501.312.8500, (fax) 501.312.8505, Goodkind Labaton Rudoff & Sucharow LLP 100 Park Avenue, New York, NY, 10017 (voice) 212.907.0700, (fax) 212.818.0477, info@glrslaw.com 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) , Murray, Frank & Sailer LLP 275 Madison Ave 34th Flr, New York, NY, 10016 (voice) 212.682.1818, (fax) 212.682.1892, email@murrayfrank.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: 8

DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT

Type:		Date on the document:

REFERENCE COMPLAINT

In Re: Stellent, Inc. Securities Litigation

COURT: D. Minnesota	DOCKET NUMBER: 03-CV-04384
JUDGE NAME: Hon. Richard H Kyle
DATE FILED: 01/30/2004	SOURCE: Business Wires
CLASS PERIOD START: 10/02/2001	CLASS PERIOD END: 04/01/2002
TYPE OF COMPLAINT: Consolidated and/or Amended
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Lerach Coughlin Stoia Geller Rudman & Robbin (San Francisco) 100 Pine Street, Suite 2600, San Francisco, CA, 94111 (voice) 415.288.4545, (fax) 415.288.4534, info@lerachlaw.com Lerach Coughlin Stoia Geller Rudman & Robbins LLP (San Diego) 655 West Broadway, Suite 1900, San Diego, CA, 92101 (voice) 619.231.1058, (fax) 619.231.7423, Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY) One Pennsylvania Plaza, New York, NY, 10119-1065 (voice) 212.594.5300, (fax) , Reinhardt, Wendorf & Blanchfield Attorneys at Law E-1000 First National Bank Building, 332 Minnesota Street, St. Paul, MN, 55101 (voice) 800.465.1592, (fax) 651.297.6543, info@ralawfirm.com Zimmerman Reed, PLLP 651 Nicollet Mall, Suite 501, Minneapolis, MN, 55402 (voice) 612.341.0400 , (fax) 612.341.0844, info@zimmreed.com _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 5

DOCUMENTS FOR THE REFERENCE COMPLAINT
Consolidated Class Action Complaint For Violation Of The Federal Securities Laws
Type: Complaint		Date on the document: 1/30/2004
Stipulation of Settlement
Type: Settlement		Date on the document: 08/24/2005
Notice of Pendency and Proposed Settlement of Class Action
Type: Notice		Date on the document: 09/06/2005
Proof of Claim and Release
Type: Other		Date on the document: 09/06/2005
Final Judgment and Order of Dismissal with Prejudice
Type: Order		Date on the document: 11/16/2005
U.S. District Court Civil Docket
Type: Docket		Date on the document: 11/16/2005

OTHER DOCUMENTS
Class Action Complaint For Violations Of Federal Securities Laws
Case Name and/or Number: Haggerty, et al. v. Stellent, Inc., et al.
Type: Complaint		Date on the document: 09/02/2003

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