Case Page

 

Case Status:    DISMISSED    
On or around 07/17/2000 (Other)

Filing Date: October 07, 1998

According to the Company’s FORM 10-Q for the quarter ended June 30, 2000, on May 1, 2000, the Plaintiffs filed a Notice of Appeal from the Court's Memorandum Opinion and Order dated March 30, 2000. On July 10, 2000, the United States Court of Appeals for the Fourth Circuit dismissed the appeal by agreement of the parties.

As summarized by the same SEC filing, on July 9, 1999, the defendants filed a Motion to Dismiss, with prejudice, the Consolidated Amended Complaint. The Plaintiffs filed their Opposition to defendants' Motion to Dismiss on September 24, 1999. On March 30, 2000, the Court granted the Defendants' Motion to Dismiss the Consolidated Amended Complaint and as a result entered an Order and Memorandum Opinion dismissing the Consolidated Amended Complaint. The Court concluded that the Plaintiffs did not substantiate their claims that specific CRIIMI MAE officers and directors violated Section 10(b) of the Exchange Act. The Court concluded that because the Plaintiffs failed to substantiate their claims of a "primary violation" of Section 10(b) of the Exchange Act, they likewise failed to substantiate a claim against the individual Defendants as controlling persons under Section 20(a) of the Exchange Act.

Between October 7, 1998 and November 30, 1998, certain plaintiffs filed 20 separate class action civil lawsuits (the "Complaints") in the United States District Court for the District of Maryland (the "District Court" or the "Court") against certain officers and directors of the Company. On March 9, 1999, the District Court ordered the consolidation of the Complaints into a single action entitled "In Re CRIIMI MAE Inc. Securities Litigation." On April 23, 1999, a group of thirteen putative members of the class of individuals who allegedly suffered damages during the class period between
February 20, 1998 and October 5, 1998 (collectively, the "Plaintiffs") filed an Amended and Consolidated class action Complaint alleging violations of federal securities laws (the "Consolidated Amended Complaint"). The Consolidated Amended Complaint alleged generally that the defendants violated Section 10(b) of the Securities and Exchange Act of 1934 as amended (the "Exchange Act") by, among other things, making false statements of material fact and failing to disclose certain material facts. The Consolidated Amended Complaint also generally alleges that the defendants violated Section 20(a) of the Exchange Act because each defendant was allegedly a "controlling person" as that term is defined under Section 20(a).

The original Complaint alleges Criimi Mae's officers provided false reassurances to the public that Criimi Mae would not be affected by adverse business conditions affecting the financial services industry. In fact, the widening of spreads for commercial mortgage-backed securities, and related fluctuations in interest rates, permitted lenders to make collateral calls on Criimi Mae. When Criimi Mae could not meet these obligations, it was forced to declare bankruptcy on October 5, 1998. The complaint further alleges that, as a result of defendants' actions, the market price of Criimi Mae stock during the Class Period was inflated throughout the Class Period.

COMPANY INFORMATION:

Sector: Services
Industry: Real Estate Operations
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: CMM
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. Maryland
DOCKET #: 98-CV-3373
JUDGE: Hon. Deborah K. Chasanow
DATE FILED: 10/07/1998
CLASS PERIOD START: 02/20/1998
CLASS PERIOD END: 10/05/1998
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Law Offices of Charles J. Piven, P.A.
    World Trade Center-Baltimore,401 East Pratt Suite 2525, Law Offices of Charles J. Piven, P.A., MD 21202
    410.332.0030 · pivenlaw@erols.com
  2. Weiss & Yourman (Los Angeles, CA)
    10940 Wilshire Blvd - 24th Floor, Weiss & Yourman (Los Angeles, CA), CA 90024
    310.208.2800 310.209.2348 · info@wyca.com
No Document Title Filing Date
COURT: D. Maryland
DOCKET #: 98-CV-3373
JUDGE: Hon. Deborah K. Chasanow
DATE FILED: 04/23/1999
CLASS PERIOD START: 02/20/1998
CLASS PERIOD END: 10/05/1998
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Barrack, Rodos & Bacine (Main office, Philadelphia)
    Two Commerce Square, 2001 Market Street, Suite 3300 , Barrack, Rodos & Bacine (Main office, Philadelphia), PA 19103
    215.963.0600 215.963.0838 · info@barrack.com
  2. Berger & Montague PC
    1622 Locust Street, Berger & Montague PC, PA 19103
    800.424.6690 215.875.4604 · investorprotect@bm.net
  3. 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
  4. Finkelstein, Thompson & Loughran
    1050 30th Street, NW, Finkelstein, Thompson & Loughran, DC 20007
    202.337.8000 202.337.8090 · contact@ftllaw.com
  5. Gross and Metzger
    1500 Walnut Street, Suite - Sixth Floor , Gross and Metzger, PA 19102
    215.561.3600 ·
  6. Law Offices of Charles J. Piven, P.A.
    World Trade Center-Baltimore,401 East Pratt Suite 2525, Law Offices of Charles J. Piven, P.A., MD 21202
    410.332.0030 · pivenlaw@erols.com
  7. LEVI & KORSINSKYY
    212 East 39TH Street, LEVI & KORSINSKYY, NY 10016
    212.889.3700 ·
  8. Milberg Weiss Bershad & Schulman LLP (New York)
    One Pennsylvania Plaza, 49th Floor, Milberg Weiss Bershad & Schulman LLP (New York), NY 10119
    212.594.5300 212.868.1229 · info@milbergweiss.com
  9. Tydings & Rosenberg LLP
    100 East Pratt Street, Tydings & Rosenberg LLP, MD 21202
    410.752.9700 410.757.5460 · webmaster@tydingslaw.com
  10. 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