Case Page

 

Case Status:    SETTLED
On or around 07/15/1999 (Date of order of final judgment)

Filing Date: June 15, 1998

As reported in the Company’s Form 10-K for the fiscal year ended January 31, 2000, the terms of the settlement provided for the payment of $3.0 million in cash ($2.35 million was covered by the Company’s insurance policy) and the issuance of 550,000 shares of CLC Common Stock, subject to certain price protection features, which resulted in an additional 463,152 shares of CLC Common Stock being issued to guarantee a total settlement of $7.5 million. All cash settlements were paid in fiscal 2000.

According to the docket on March 19, 1999, a Stipulation and Agreement of Settlement was filed. On July 15, 1999, the Court entered the Order and Final Judgment approving the Stipulation, approving the Plan of Allocation, and awarding Plaintiff’s Counsel fees in the amount of 30% of the settlement amount and $356,262.71 in reimbursement of expenses paid from the gross settlement fund. The complaint was dismissed with prejudice and without costs, except as provided in the Stipulation, and the case was closed.

The original class action Complaint alleges a fraudulent scheme and deceptive course of conduct by CLC and certain of its officers and/or directors who disseminated materially misleading statements. Specifically, the Company failed to disclose the serious operational problems facing it, including the Company's inability to adequately staff its rapidly expanding number of educational centers with
qualified instructors and to provide its mushrooming student enrollment with
the latest technology. By concealing these adverse facts, the Company was able to maintain artificially inflated prices in the market for CLC's common stock and issue additional shares of stock.

COMPANY INFORMATION:

Sector: Services
Industry: Schools
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: CLCX
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: E.D. Virginia
DOCKET #: 98-CV-00859
JUDGE: Hon. Brian Q. Robbins
DATE FILED: 06/15/1998
CLASS PERIOD START: 04/30/1997
CLASS PERIOD END: 04/06/1998
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bernstein Litowitz Berger & Grossmann LLP (Westfield, NJ)
    220 St. Paul Street, Bernstein Litowitz Berger & Grossmann LLP (Westfield, NJ), NJ 07090
    908.928.1700 908.301.9008 · blbg@blbglaw.com
  2. Chitwood & Harley LLP
    1230 Peachtree Street, N.E., 2300 Promenade II, Chitwood & Harley LLP, GA 30309
    888.873.3999 404.873.4476 · info@chitwoodlaw.com
  3. Cohen Milstein Hausfeld & Toll PLLC (Seattle WA)
    701 Fifth Avenue, Suite 6860, Cohen Milstein Hausfeld & Toll PLLC (Seattle WA), WA 98014
    206.521.0080 206.521.0166 · lawinfo@cmht.com
  4. Elwood S. Simon & Associates, PC
    355 S. Woodward Avenue Suite 250, Elwood S. Simon & Associates, PC, MI 48009
    810/646.9730 ·
  5. Finkelstein, Thompson & Loughran
    1050 30th Street, NW, Finkelstein, Thompson & Loughran, DC 20007
    202.337.8000 202.337.8090 · contact@ftllaw.com
  6. Garwin, Bronzaft, Gerstein & Fisher
    1501 Broadway Suite 1416, Garwin, Bronzaft, Gerstein & Fisher, NY 10036
    212.398.0050 · gbgf@aol.com
  7. Hoffman & Edelson
    45 West Court Street, Hoffman & Edelson, PA 18901-4223
    215.230.8043 ·
  8. Leo W. Desmond
    2161 Palm Beach Lakes Boulevard, Suite 204, Leo W. Desmond, FL 33409
    561.712.8000 561.712.8000 · stocklaw@bellsouth.net
  9. Lionel Z. Glancy
    1801 Avenue of the Stars Suite 308, Lionel Z. Glancy, CA 90067
    310.201.9150 ·
No Document Title Filing Date
COURT: E.D. Virginia
DOCKET #: 98-CV-00859
JUDGE: Hon. Brian Q. Robbins
DATE FILED: 08/07/1998
CLASS PERIOD START: 04/30/1997
CLASS PERIOD END: 04/06/1998
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cohen, Milstein, Hausfeld & Toll, P.L.L.C. (Washington, DC)
    1100 New York Avenue, N.W., Suite 500, West Tower, Cohen, Milstein, Hausfeld & Toll, P.L.L.C. (Washington, DC), DC 20005
    202.408.4600 202.408.4699 · lawinfo@cmht.com
  2. Elwood S. Simon & Associates, PC
    355 S. Woodward Avenue Suite 250, Elwood S. Simon & Associates, PC, MI 48009
    810/646.9730 ·
  3. Miller Faucher Cafferty & Wexler, LLP
    101 North Main Street - Suite 570, Miller Faucher Cafferty & Wexler, LLP, MI 48104
    734.769.2144 ·
  4. 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
No Document Title Filing Date
No Document Title Filing Date