Case Page

 

Case Status:    SETTLED
On or around 10/27/1998 (Date of order of final judgment)

Filing Date: August 16, 1996

According to the latest docket posted, on January 6, 2003, the Court entered the certified copy of the judgment from the U.S. Court of Appeals affirming the decision of the District Court regarding plaintiffs' counsel's attorney fees.

Earlier, on March 31, 1998, a Stipulation of Settlement was filed, and on July 28, 1998, the Court entered the Order by Judge Rudi M. Brewster preliminarily approving the settlement. On October 27, 1998, The Court entered the Order approving the plan of allocation of the settlement proceeds and the Court further entered the Final Judgment and Order of Dismissal. The case was dismissed. The Notice of Pendency previously announced a $6.5 million settlement. On November 25, 1998, a plaintiff filed a Notice of Appeal regarding the October 29, 1998 Order awarding plaintiffs’ counsel’s fees and expenses in the amount of 30% of the settlement fund and $338,379.53 in expenses. On January 29, 2001, the Court entered the certified copy of the judgment from the U.S. Court of Appeals vacating and remanding the matter back to the District Court. On April 11, 2001, the Court entered the Order awarding plaintiffs’ counsel’s fees and expenses in the amount of $338,379.53, plus interest. On August 29, 2001, the Court entered the Order denying the motion for attorney fees and the plaintiff filed a Notice of Appeal.

The original complaint charges Proxima and certain of its officers and directors with violations of the federal securities laws. During the Class Period, the defendants artificially inflated Proxima stock to as high as $39-5/8 per share based on representations that Proxima had successfully developed and was introducing new lighter weight and brighter desktop projectors which would lead to substantial revenue and earnings gains throughout Fiscal 1996 and 1997 and that the development of Proxima's new microlaser projector products was also succeeding and on schedule. However, when Proxima later revealed that it could not produce its newest products in volume due to an inability to obtain satisfactory supplies of polysilicon glass, shortages of metal halide lights and other component part shortages and that this would adversely impact its revenues and earnings, Proxima's stock immediately collapsed to $18-3/4 per share and then continued to fall to $13-1/2.

COMPANY INFORMATION:

Sector: Technology
Industry: Computer Peripherals
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: PRXM
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. California
DOCKET #: 96-CV-1431
JUDGE: Magistrate Judge Anthony J. Battaglia
DATE FILED: 08/16/1996
CLASS PERIOD START: 07/26/1994
CLASS PERIOD END: 08/17/1995
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Alfred G. Yates, Jr. Law Firm
    429 Forbes Avenue, 519 Allegheny Building, Alfred G. Yates, Jr. Law Firm, PA 15219
    412.391.5164 ·
  2. Finkelstein & Krinsk LLP
    501 West Broadway, Suit 1250, Finkelstein & Krinsk LLP, CA 92101
    877.493.5366 619.238.5425 ·
  3. Milberg Weiss Bershad Hynes & Lerach LLP (San Diego, CA)
    600 West Broadway, 1800 One America Plaza, Milberg Weiss Bershad Hynes & Lerach LLP (San Diego, CA), CA 92101
    800.449.4900 · support@milberg.com
  4. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
  5. Stull, Stull & Brody (New York)
    6 East 45th Street, Stull, Stull & Brody (New York), NY 10017
    310.209.2468 310.209.2087 · SSBNY@aol.com
No Document Title Filing Date
COURT: S.D. California
DOCKET #: 96-CV-1431
JUDGE: Magistrate Judge Anthony J. Battaglia
DATE FILED: 03/31/1998
CLASS PERIOD START: 07/26/1994
CLASS PERIOD END: 05/28/1997
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Alfred G. Yates, Jr. Law Firm
    429 Forbes Avenue, 519 Allegheny Building, Alfred G. Yates, Jr. Law Firm, PA 15219
    412.391.5164 ·
  2. Bernstein Liebhard & Lifshitz, LLP (New York)
    10 E. 40th Street, 22nd Floor, Bernstein Liebhard & Lifshitz, LLP (New York), NY 10016
    800.217.1522 · info@bernlieb.com
  3. Finkelstein & Krinsk LLP
    501 West Broadway, Suit 1250, Finkelstein & Krinsk LLP, CA 92101
    877.493.5366 619.238.5425 ·
  4. Kaplan Fox & Kilsheimer, LLP (former New York, NY)
    805 Third Avenue, 22nd Floor, Kaplan Fox & Kilsheimer, LLP (former New York, NY), NY 10022
    212.687.1980 212.687.7714 · info@kaplanfox.com
  5. Milberg Weiss Bershad Hynes & Lerach LLP (San Diego, CA)
    600 West Broadway, 1800 One America Plaza, Milberg Weiss Bershad Hynes & Lerach LLP (San Diego, CA), CA 92101
    800.449.4900 · support@milberg.com
  6. Schatz & Nobel, P.C.
    330 Main Street, Schatz & Nobel, P.C., CT 06106
    800.797.5499 860.493.6290 · sn06106@AOL.com
  7. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
  8. Stull, Stull & Brody (New York)
    6 East 45th Street, Stull, Stull & Brody (New York), NY 10017
    310.209.2468 310.209.2087 · SSBNY@aol.com
  9. Weiss & Yourman (New York, NY)
    The French Building, 551 Fifth Ave., Suite 1600, Weiss & Yourman (New York, NY), NY 10126
    212.682.3025 212.682.3010 · info@wyca.com
No Document Title Filing Date
No Document Title Filing Date