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Case Status:    SETTLED
On or around 02/05/2004 (Date of order of final judgment)

Filing Date: June 14, 1996

According to the docket, on February 5, 2004, the Court entered the Judgment by U.S. District Court Robert P. Patterson, pursuant to FRCP 54(b). The Court finds the settlement as fair and the complaint and all judgments filed are dismissed with prejudice and without costs. The Plan of Allocation is approved and the plaintiff’s counsel are awarded $90,000 in reimbursement of expenses.

In a press release dated December 31, 2003, the securities class action against Gaming Lottery Corp., pending in the S.D.N.Y. since 1996, has been preliminarily settled for $1 million (or about 7 cents per damaged share before the deduction of litigation expenses). Plaintiffs allege that the company engaged in misrepresentations concerning its acquisition and operation of Special Manufacturing Inc. In the spirit of the holiday season, the notice of proposed settlement states that plaintiffs' counsel have declined to apply for any attorneys' fees.

A similar, purported class action complaint was filed in the U.S. District Court for the Southern District of New York. On September 27, 1996, the Court entered the Order by U.S. District Judge Carolyn R. Dimmick, and the case was transferred from the U.S. District Court for the Western District of Washington to the Southern District of New York.

Plaintiffs bring this action as a class action on behalf of a class (the "Class") consisting of plaintiffs and all other persons or entities who purchased the securities of defendant Gaming Lottery Corporation ("Gaming Lottery" or the "Company"), or its predecessor, Laser Friendly, Inc., during the period from June 8, 1995 through May 24, 1996, inclusive (the "Class Period"), to recover damages caused to the Class by defendants' violations of the federal securities laws. Defendants engaged in a plan and scheme to tout the business and prospects of Gaming Lottery by repeatedly publicizing its business plan and other claims whereby Gaming Lottery would become a major player in the paper-based lottery supply business. Beginning in late 1994, Laser Friendly commenced an aggressive acquisition program of suppliers of gaming and lottery cards, to the government and charity lotteries. The defendants repeatedly touted their acquisitions of lottery supply businesses, representing that their acquisitions of lottery supply businesses, representing that their plan to make Gaming Lottery into a $100 million business was proceeding according to schedule.

COMPANY INFORMATION:

Sector: Services
Industry: Printing Services
Headquarters: Canada

SECURITIES INFORMATION:

Ticker Symbol: GLCCF
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 #: 96-CV-0924
JUDGE: Hon. Carolyn R. Dimmick
DATE FILED: 06/14/1996
CLASS PERIOD START: 06/08/1995
CLASS PERIOD END: 05/24/1996
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Hagens Berman, LLP
    1301 Fifth Avenue Suite 2900, Hagens Berman, LLP, WA 98101
    206.623.7292 · info@hagens-berman.com
  2. Wolf, Popper, Ross, Wolf & Jones
    845 Third Avenue, Wolf, Popper, Ross, Wolf & Jones, NY 10022-6689
    212-759-4600 ·
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 96-CV-5567
JUDGE: Hon. Carolyn R. Dimmick
DATE FILED: 12/13/1996
CLASS PERIOD START: 06/08/1995
CLASS PERIOD END: 05/24/1996
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY)
    One Pennsylvania Plaza, Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY), NY 10119-1065
    212.594.5300 ·
  2. Wolf Popper, LLP
    845 Third Avenue, Wolf Popper, LLP, NY 10022-6689
    877.370.7703 212.486.2093 · IRRep@wolfpopper.com
No Document Title Filing Date
No Document Title Filing Date