Case Page

 

Case Status:    DISMISSED    
On or around 04/02/2001 (Date of order of final judgment)

Filing Date: March 22, 1999

According to a Press Release dated April 4, 2001, Cambridge Technology Partners (Massachusetts), Inc. (NASDAQ:CATP), a global e-Solutions provider, announced that the United Stated District Court for the District of Massachusetts dismissed with prejudice the securities class action litigation filed in March 1999 against Cambridge and certain of the Company's former officers. (Carney, et al. v. Cambridge Technology Partners (Massachusetts), Inc., et al., Civil Action No. 99-CV-10630-RCL). The litigation, which was brought in the wake of Cambridge's announcement on March 18, 1999 that it was revising downward its revenue and earnings estimates for the first quarter and full year 1999, alleged that Cambridge and certain of its former officers had made misleading statements about the Company's business and financial condition in order to inflate the Company's share price.

The original Complaint alleges that the defendants violated the federal securities laws (Section 10(b) and 20(a) of the Securities Exchange Act of 1934) by misrepresenting or failing to disclose material information about Cambridge's results of operations,
financial condition and the failure of its reorganization plan which resulted in the continued slow sales.

The complaint further alleges that as a result of defendants' false and misleading statements and omissions, the price of Cambridge's stock was artificially inflated. Later, the Company announced that its reorganization plan was not having the benefits defendants stated it had and that as a result its sales were still well down. Meanwhile defendants took advantage of the stock's artificially inflated
price to sell significant amounts of their own holdings for proceeds of over $3,139,000.

COMPANY INFORMATION:

Sector: Technology
Industry: Computer Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: CATP
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 #: 99-CV-10630
JUDGE: Hon. Reginald C. Lindsay
DATE FILED: 03/22/1999
CLASS PERIOD START: 11/25/1998
CLASS PERIOD END: 03/18/1999
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bernstein Liebhard & Lifshitz, LLP (New York)
    10 E. 40th Street, 22nd Floor, Bernstein Liebhard & Lifshitz, LLP (New York), NY 10016
    800.217.1522 · info@bernlieb.com
  2. Stull, Stull & Brody (New York)
    6 East 45th Street, Stull, Stull & Brody (New York), NY 10017
    310.209.2468 310.209.2087 · SSBNY@aol.com
  3. 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
COURT: D. Massachusetts
DOCKET #: 99-CV-10630
JUDGE: Hon. Reginald C. Lindsay
DATE FILED: 10/15/1999
CLASS PERIOD START: 11/25/1998
CLASS PERIOD END: 03/18/1999
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Shapiro Haber & Urmy LLP (Boston)
    75 State Street, Shapiro Haber & Urmy LLP (Boston), MA 02109
    617.439.3939 617.439.0134 · info@shulaw.com
  2. 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
No Document Title Filing Date