Case Page

 

Case Status:    SETTLED
On or around 04/03/2000 (Date of order of final judgment)

Filing Date: September 09, 1997

According to the docket posted on this site, the court entered its final judgment approving the settlement and dismissing the lawsuit on April 3, 2000.

In a Press Release dated January 14, 2000, the parties reached a proposed settlement of $5,175,000.

The original complaint alleged that the company and its senior executives issued materially false and misleading statements about the development and viability of CII, Ceridian's new payroll processing software, as well as the impact the introduction of CII would have on Ceridian's operations in 1997 and beyond. The complaint alleges that artificially inflated net income during the class period by improperly capitalizing software development costs incurred in connection with the development of CII. Ceridian's financial statements for each quarter of fiscal 1996, for the first two quarters of 1997, and for the fiscal year ended December 31, 1996 were false and presented in violation of Generally Accepted Accounting Principles. The complaint also alleges that that defendants' false statements artificially inflated the price of the company's common stock, which enabled Ceridian insiders to sell millions of dollars worth of their own stock at inflated levels before the defendants revealed that Ceridian was terminating development of CII.

COMPANY INFORMATION:

Sector: Technology
Industry: Computer Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: CEN
Company Market: New York SE
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. Minnesota
DOCKET #: 97-CV-2044
JUDGE: Hon. Michael J. Davis
DATE FILED: 09/09/1997
CLASS PERIOD START: 08/14/1996
CLASS PERIOD END: 08/26/1997
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Chestnut & Cambronne, P.A. (Minneapolis)
    3700 Piper Jaffray Tower, 222 South Ninth Street, Chestnut & Cambronne, P.A. (Minneapolis), MN 55402
    612.339.730 612.339.730 ·
  2. Lockridge, Grindal, Nauen P.L.L.P.
    Suite 301, 660 Pennsylvania Avenue Southeast, Lockridge, Grindal, Nauen P.L.L.P., DC 20003-4335
    202.544.9840 202.544.9850 ·
  3. 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 ·
  4. 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
  5. Savett Frutkin Podell & Ryan, P.C.

    800.993.3233 · sfprpc@op.net
No Document Title Filing Date
COURT: D. Minnesota
DOCKET #: 97-CV-2044
JUDGE: Hon. Michael J. Davis
DATE FILED: 05/28/1999
CLASS PERIOD START: 08/14/1996
CLASS PERIOD END: 08/26/1997
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Chestnut & Cambronne, P.A.
    222 South Ninth Street, 3700 Piper Jaffray Tower, Chestnut & Cambronne, P.A., MN 55402
    612.339.7300 612.336.2940 · info@chestnutcambronne.com
  2. Lockridge, Grindal, Nauen P.L.L.P.
    Suite 301, 660 Pennsylvania Avenue Southeast, Lockridge, Grindal, Nauen P.L.L.P., DC 20003-4335
    202.544.9840 202.544.9850 ·
  3. 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 ·
  4. 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
  5. Savett Frutkin Podell & Ryan, P.C.

    800.993.3233 · sfprpc@op.net
No Document Title Filing Date
No Document Title Filing Date