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Case Status:    SETTLED
On or around 04/03/2002 (Date of order of final judgment)

Filing Date: October 23, 1998

According to the docket on April 3, 2002, the Court entered the Amended Order and Final Judgment signed by U.S. District Judge Naomi R. Buchwald. The Class Action is certified as a class action. The counsel for Plaintiffs and the Class are awarded fees in the amount of $1,350,000 plus 150,000 shares of the Settlement Shares or 30% of the Settlement Fund, plus reimbursement of expenses in the amount of $153,223.30, plus interest. The case is closed.

By the closing Order, dated December 12, 2001 from U.S. District Judge Michael B. Mukasey of the U.S. Southern District of New York, Lumenis Ltd. (formerly ECS Medical Systems Ltd.) agreed to settle a 1998 class action lawsuit for $4.5 million in cash and the issuance of 420,000 to 500,000 common shares.

As summarized in the Notice of Pendency, on December 23, 1999, Defendants filed a Motion to Dismiss the Amended Class Action Complaint. On February 23, 2000, Plaintiffs filed their memorandum in opposition to Defendants' motion to dismiss the amended class action complaint. On March 28, 2000, Defendants filed their reply memorandum in support of their motion to dismiss. At the hearing held on August 24, 2000, Judge Buchwald denied the ESC Defendants' Motion to Dismiss, and on January 17, 2001, the Court issued a Mediation Order which suspended discovery during the pendency of the parties' mediation effor . The parties engaged in extended arm's length negotiations that ultimately led to an agreement, subject to Court approval, to settle the Action The parties negotiated and signed a Memorandum of Understanding on or about August 20, 2001, and pursuant thereto, negotiated and on December 7-10, 200, signed the Stipulation of Settlement to set forth the complete terms and conditions of settlement.

The Company had been named in a number of purported class action securities
lawsuits filed in the fall of 1998 that were consolidated in the United States District Court for the Southern District of New York. On July 9, 1999, a consolidated amended complaint was filed naming the Company, Salomon Smith Barney Inc., and several additional current and former directors and officers of the Company's subsidiary, Laser Industries, as defendants. The consolidated amended complaint seeks damages and attorneys fees under the United States securities laws for alleged irregularities in the way in which the Company reported its financial results and disclosed certain facts throughout 1997 and 1998 and for alleged "tipping" of non-public information to Salomon Smith Barney Inc. in September 1998.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Medical Equipment & Supplies
Headquarters: Israel

SECURITIES INFORMATION:

Ticker Symbol: LUME
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. New York
DOCKET #: 98-CV-07530
JUDGE: Hon. Michael B. Mukasey
DATE FILED: 10/23/1998
CLASS PERIOD START: 09/28/1998
CLASS PERIOD END: 09/28/1998
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Glancy Binkow & GoldBerg LLP
    1925 Century Park East, Suite 2100, Glancy Binkow & GoldBerg LLP, CA 90067
    310-201-9150 · info@glancylaw.com
  2. Wechsler Harwood LLP
    488 Madison Avenue 8th Floor, Wechsler Harwood LLP, NY 10022
    212.935.7400 · info@whhf.com
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 98-CV-07530
JUDGE: Hon. Michael B. Mukasey
DATE FILED: 07/09/1999
CLASS PERIOD START: 01/27/1997
CLASS PERIOD END: 09/28/1998
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Glancy Binkow & GoldBerg LLP
    1925 Century Park East, Suite 2100, Glancy Binkow & GoldBerg LLP, CA 90067
    310-201-9150 · info@glancylaw.com
  2. Lionel Z. Glancy
    1801 Avenue of the Stars Suite 308, Lionel Z. Glancy, CA 90067
    310.201.9150 ·
  3. Wechsler Harwood LLP
    488 Madison Avenue 8th Floor, Wechsler Harwood LLP, NY 10022
    212.935.7400 · info@whhf.com
No Document Title Filing Date
No Document Title Filing Date