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Case Status:    SETTLED
On or around 10/13/1999 (Date of order of final judgment)

Filing Date: August 12, 1998

According to a Form 10-K filed December 25, 1999, on August 12, 1998, a class action complaint was filed in the United States District Court for the Southern District of New York on behalf of all persons who purchased the Common Stock of the Company between May 1997 and August 1998, inclusive. On October 7, 1998, holders of the Company's TOPrS filed a class-action complaint based on substantially identical allegations, which complaints were subsequently consolidated. On October 12, 1999, the Court approved a settlement of the consolidated actions. The Company has admitted no wrongdoing but paid $1,250,000 toward the settlement.

The Notice of Pendency Of Class Action posted announces the establishment of a Settlement Fund consisting of $5,250,000 in cash. By the Order dated November 9, 1998, pursuant to the Private Securities Litigation Reform Act of 1995, 15 U.S.C. §78u-4, United States District Court Judge Allen Schwartz appointed certain of the class plaintiffs as Lead Plaintiffs and Milberg Weiss Bershad Hynes & Lerach LLP as Plaintiffs' Lead Counsel. The Defendants have moved to dismiss the Complaint. The Lead Plaintiffs have opposed the motion and it is currently pending before the Court.

Golden Books originally was named as a defendant in this proceeding. On February 26, 1999, Golden Books filed for bankruptcy protection under Chapter 11 of the Bankruptcy Code. As a result of that filing, the litigation as against Golden Books has been stayed pursuant to 11 U.S.C. §362(a).

The original complaint alleged that the defendants issued a series of materially false and misleading statements concerning the impact of the Company's 1996 restructuring plan on the Company's financial condition, liquidity and future prospects. On October 7, 1998, holders of the Company's TOPRS (Trust Originated Preferred Securities) also filed a class-action complaint based on substantially identical allegations, which complaints were subsequently consolidated. While the outcome of the case cannot be predicted with any certainty, the Company believes that it has meritorious defenses to the claims, and that the claims against the Company will be resolved or discharged during the pendency of the Chapter 11 proceedings.

COMPANY INFORMATION:

Sector: Services
Industry: Printing Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: GBFE
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. New York
DOCKET #: 98-CV-5748
JUDGE: Hon. Allen G. Schwartz
DATE FILED: 08/12/1998
CLASS PERIOD START: 05/13/1997
CLASS PERIOD END: 08/04/1998
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
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 98-CV-5748
JUDGE: Hon. Allen G. Schwartz
DATE FILED: 05/10/1999
CLASS PERIOD START: 05/13/1997
CLASS PERIOD END: 08/04/1998
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 ·
No Document Title Filing Date