Case Page

 

Case Status:    DISMISSED    
On or around 02/03/2000 (Other)

Filing Date: March 14, 1996

According to the docket, on February 3, 2000, the Court entered the Mandate of the U.S. Court of Appeals for the First Circuit, affirming the decision of the District Court.

In October 1996, the Company filed a motion to dismiss the complaint on the grounds that the plaintiffs had not met the pleading requirements of the Private Securities Litigation Reform Act of 1995. The motion was denied by the court on February 13, 1997. On February 13, 1998, FTP filed a motion for partial summary judgment and renewed motion to dismiss; plaintiffs filed their response on March 20, 1998. On September 29, 1998, the Court entered the Order signed by U.S. District Judge Joseph L. Tauro, granting the defendants’ motion for partial summary judgment and also granting the renewed motion to dismiss the Second Amended Complaint. The case was closed, but the plaintiff filed a notice of appeal on October 2, 1998.

The original class action lawsuit was filed in the United States
District Court for the District of Massachusetts, naming FTP, certain of its
officers and two former officers as defendants. The lawsuit alleges that the
defendants publicly issued false and misleading statements and omitted to
disclose material facts necessary to make such statements not false and
misleading, which the plaintiffs contend caused an artificial inflation in the
price of FTP's common stock. The lawsuit, which is purportedly brought on behalf
of a class of purchasers of FTP's common stock during the period from July 14,
1995 to January 3, 1996, alleges violations of Section 10(b) and Section 20(a)
of the Securities Exchange Act of 1934. FTP has reviewed the allegations in the
lawsuit, believes them to be without merit, and intends to defend itself and its
officers vigorously. In order to support an adequate defense, FTP may be
required to expend substantial sums for legal and expert fees and costs. The
cost of defending the litigation and the outcome of the litigation are uncertain
and cannot be estimated. If the lawsuit were determined adversely to FTP, FTP
could be required to pay a substantial judgment.

COMPANY INFORMATION:

Sector: Technology
Industry: Software & Programming
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: FTPS
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: D. Massachusetts
DOCKET #: 96-CV-10544
JUDGE: Hon. Joseph L. Tauro
DATE FILED: 03/14/1996
CLASS PERIOD START: 07/14/1995
CLASS PERIOD END: 01/03/1996
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. 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
  2. Moulton & Gans LLP
    133 Federal Street, Moulton & Gans LLP, MA 2110
    617.369.7979 ·
No Document Title Filing Date
COURT: D. Massachusetts
DOCKET #: 96-CV-10544
JUDGE: Hon. Joseph L. Tauro
DATE FILED: 09/11/1996
CLASS PERIOD START: 07/14/1995
CLASS PERIOD END: 01/03/1996
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. Moulton & Gans LLP
    133 Federal Street, Moulton & Gans LLP, MA 2110
    617.369.7979 ·
No Document Title Filing Date
No Document Title Filing Date