Case Page

 

Case Status:    SETTLED
On or around 02/27/2004 (Date of order of final judgment)

Filing Date: October 02, 1998

According to closing Order, dated February 27, 2004, from U.S. Distric Judge Ronald M. Whyte of the U.S. District Court for the Northern District of California, the case was dismissed with prejudice.

In a Press Release dated December 1, 2003, SkillSoft PLC, formerly CBT Group, PLC, announced that it has agreed to settle the class action lawsuit filed against the
Company, one of its subsidiaries and certain of its former and current officers
and directors in 1998. Under the terms of the settlement, the Company
will make a $10 million cash payment within 30 days and an additional $6
million payment in mid-2004. The Company's insurance carriers will pay an
additional $16 million for total settlement payments of $32 million.

According to a Form 10-K, at the end of its fiscal third quarter of 1998, several purported class action lawsuits were filed in the United States District Court for the Northern District of California against CBT Group, one of its subsidiaries and certain members of its former and current officers and directors alleging violations of the federal securities laws. It has been alleged in these lawsuits that the company misrepresented or omitted to state material facts regarding business and financial condition and prospects in order to artificially inflate and maintain the price of its ADSs, and misrepresented or omitted to state material facts in its registration statement and prospectus issued in connection with its merger with ForeFront, which also is alleged to have artificially inflated the price of the company's ADSs.

The original complaint alleged that defendats violated federal securities laws by making misrepresentations about CBT Group's business, earnings growth and financial statements and its ability to continue to achieve profitable growth.

COMPANY INFORMATION:

Sector: Technology
Industry: Software & Programming
Headquarters: Ireland

SECURITIES INFORMATION:

Ticker Symbol: CBTSY
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: N.D. California
DOCKET #: 98-CV-21014
JUDGE: Hon. Ronald M. Whyte
DATE FILED: 10/02/1998
CLASS PERIOD START: 01/20/1998
CLASS PERIOD END: 10/01/1998
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Gold Bennett Cera & Sidener LLP
    595 Market Street, Suite 2300, Gold Bennett Cera & Sidener LLP, CA 94105-2835
    800.778.1822 415.777.5189 · info@gbcsf.com
No Document Title Filing Date
COURT: N.D. California
DOCKET #: 98-CV-21014
JUDGE: Hon. Ronald M. Whyte
DATE FILED: 02/05/2001
CLASS PERIOD START: 01/20/1998
CLASS PERIOD END: 10/01/1998
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Gold Bennett Cera & Sidener LLP
    595 Market Street, Suite 2300, Gold Bennett Cera & Sidener LLP, CA 94105-2835
    800.778.1822 415.777.5189 · info@gbcsf.com
  2. Milberg Weiss Bershad Hynes & Lerach LLP (S.F., CA)
    100 Pine Street - Suite 2600, Milberg Weiss Bershad Hynes & Lerach LLP (S.F., CA), CA 94111
    415.288.4545 415.288.4534 ·
No Document Title Filing Date
No Document Title Filing Date