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Case Status:    SETTLED
On or around 05/25/2000 (Date of order of final judgment)

Filing Date: May 15, 1998

According to the docket, on July 25, 2003, a second Stipulation of Settlement was filed. According to the Stipulation of settlement, on July 19, 1998, former defendant FPA filed a petition under Chapter 11 of the Bankruptcy Code, in the United States Bankruptcy Court for the District of Delaware. As a result, the Settlement Class' claims against FPA were dismissed and extinguished in FPA's bankruptcy proceeding. The settlement also includes the state actions and resolves the case against remaining Individual Defendants and Foundation Health Systems, Inc. (currently known as Health Net, Inc.). The Settlement Fund was in the amount of $4.88 million. On October 15, 2003, the Court entered the Orders awarding Plaintiffs' Counsel's Attorneys' Fees and Reimbursement of Expenses and Approving Plan of Allocation of Settlement Proceeds. The Court further entered the Final Judgment, Bar Order and Order of Dismissal.

Earlier, on February 28, 2000, the first Stipulation of Settlement was filed, and on May 22, 2000, the Court entered the Order by U.S. District Judge M. J. Lorenz approving the plan of allocation of settlement proceeds. The Final Judgment was entered as to the Deloitte & Touche defendant only and settled for $4.4 million.

By the Notice of Pendency and Proposed Partial Settlement of Class action, the proposed partial settlement has been set to $4.4 million in cash anda will include interest that accrues on the fund prior to distribution. Based on Representative Plaintiffs' estimate of the number of shares and types of securities entitled to participate in the settlement and the anticipated number of claims to be submitted by class members, the average distribution per security would be approximately $0.044 before deduction of Court-approved fees and expenses.

Several, similar complaints were also filed in the U.S. District Court for the Southern District of California and in state court. On or around August 28, 1998, the case filed in the U.S. District Court for the Central District of California was transferred to the Southern District of California.

The original complaint asserts claims under the federal securities laws, including
claims for violations of Sections 10(b) and 20(a) of the Securities Exchange
Act of 1934. Plaintiff seeks to recover losses suffered by investors who bought
FPA securities during the Class Period. The lawsuit alleges that FPA and
certain of its officers and directors engaged in material misrepresentations
and omissions during the class period concerning, among other things, its
operating results. In addition, the lawsuit alleges that certain directors and
officers of FPA sold stock of FPA at inflated prices, reaping millions of
dollars in improper proceeds. On May 15, 1998, the Company's common stock price
fell almost 50% in response to stunning, previously undisclosed, announcements
concerning FPA's first quarter results and a pre-tax charge of up to $200
million to be recorded in the second fiscal quarter.


Sector: Healthcare
Industry: Healthcare Facilities
Headquarters: United States


Ticker Symbol: FPAM
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 #: 98-CV-03835
JUDGE: Hon. Mariana R. Pfaelzer
DATE FILED: 05/15/1998
CLASS PERIOD END: 05/14/1998
  1. Glancy Binkow & GoldBerg LLP
    1925 Century Park East, Suite 2100, Glancy Binkow & GoldBerg LLP, CA 90067
    310-201-9150 ·
  2. Kirby McInerney & Squire LLP
    830 Third Avenue 10th Floor, Kirby McInerney & Squire LLP, NY 10022
    212.317.2300 ·
No Document Title Filing Date
COURT: S.D. California
DOCKET #: 98-CV-0928
JUDGE: Hon. Mariana R. Pfaelzer
DATE FILED: 01/24/2000
CLASS PERIOD END: 05/14/1998
  1. Berger & Montague PC
    1622 Locust Street, Berger & Montague PC, PA 19103
    800.424.6690 215.875.4604 ·
  2. 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 ·
No Document Title Filing Date
No Document Title Filing Date