Case Page

 

Case Status:    DISMISSED    
On or around 11/06/1997 (Date of order of final judgment)

Filing Date: July 19, 1996

According to the Company’s FORM 10-K for the fiscal year ended December 31, 1997, on November 5, 1997, the court granted the motions to dismiss and entered judgment for defendants related to the above. The time for plaintiffs to file appeals has expired without appeal.

Previously, in July 1996, a purported class action lawsuit was filed in the United
States District Court for the Eastern District of North Carolina against the Company, its former chairman and chief executive officer, and a former president of the Company. The complaint sought certification of a class consisting of all persons (with certain exclusions) who purchased common stock of the Company between December 16, 1993 and April 17, 1996, inclusive (the "Class Period"). The complaint alleged that, during the
Class Period, defendants made certain false or misleading statements to the public concerning (1) earnings and funds from operations; (2) the Company's ability to maintain dividends at prior levels; (3) the alleged maintenance of dividends through borrowings rather than funds from operations; (4) the Company's ability to close a proposed acquisition; (5) the alleged purchase of certain properties from affiliates of the individual defendants at inflated prices; and (6) alleged improper accounting practices.

In October, 1996, a second purported class action lawsuit was filed in the United States District Court for the Eastern District of North Carolina against the Company and Messrs. Fleming and Hodson, containing factual allegations and legal claims similar to those asserted in the prior purported class action. The plaintiffs in both actions seek unspecified monetary damages. The cases were consolidated and the Company filed motions to dismiss both lawsuits.

COMPANY INFORMATION:

Sector: Services
Industry: Real Estate Operations
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: FAC
Company Market: New York SE
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: E.D. North Carolina
DOCKET #: 96-CV-642
JUDGE: Hon. Terrence W. Boyle
DATE FILED: 07/19/1996
CLASS PERIOD START: 12/16/1993
CLASS PERIOD END: 04/17/1996
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Beigel Schy Lasky Cohen
    750 Lexington Avenue, 30th Floor, Beigel Schy Lasky Cohen, NY 10022
    212.705.5300 ·
  2. Kantor & Kantor
    750 Lexington Avenue, Kantor & Kantor, NY 10022
    212.705.5397 ·
  3. McDaniel & Anderson, LLP
    4942 Windy Hill Drive; P.O. Box 58186, McDaniel & Anderson, LLP, NC 27658
    919.872.3000 ·
  4. Wolf Haldenstein Adler Freeman & Herz LLP (New York)
    270 Madison Avenue, Wolf Haldenstein Adler Freeman & Herz LLP (New York), NY 10016
    212.545.4600 212.686.0114 · newyork@whafh.com
No Document Title Filing Date