Case Page

 

Case Status:    DISMISSED    
On or around 03/20/2001 (Date of order of final judgment)

Filing Date: March 08, 1999

The Complaint charges defendants with violations of violations of Sections 10(b) and 20(a) of the Exchange Act and Rule 10b-5 promulgated thereunder, in connection with, among other things, their dissemination of materially false and misleading press releases, public filings and other documents concerning MTST's financial results for its quarters ended March 28, 1998, June 27, 1998 and Sept. 26, 1998.

According to the Company’s Form 10-Q for the quarterly period ended March 31, 2001, on March 8, 1999 and April 7, 1999, the Company was named as a defendant in two purported class action lawsuits filed in the United States District Court for the District of Arizona. The two lawsuits contained substantially the same allegations and were brought on behalf of a class of persons who purchased our common stock between April 14, 1998 and March 2, 1999. The complaints alleged claims under Section 10(b) and SEC Rule 10b-5 of the Securities and Exchange Act of 1934. The claims further alleged that the Company made misrepresentations or omissions concerning its financial statements that artificially inflated the price of the Company’s common stock. On November 29, 1999, a motion to dismiss the lawsuit was filed. On January 10, 2000, the Court heard arguments on the motion to dismiss. During September 2000, the Court ruled in the Company’s favor and granted the Company’s motion to dismiss the lawsuit without prejudice. Plaintiffs filed an amended complaint and the Company filed, and the parties argued, another motion to dismiss. The Company’s motion was granted in March 2001, and the case was dismissed with prejudice.

COMPANY INFORMATION:

Sector: Technology
Industry: Computer Networks
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: MTST
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. Arizona
DOCKET #: 99-CV-438
JUDGE: Hon. Earl H. Carroll
DATE FILED: 03/08/1999
CLASS PERIOD START: 04/14/1998
CLASS PERIOD END: 03/02/1999
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Goodkind Labaton Rudoff & Sucharow LLP
    100 Park Avenue, Goodkind Labaton Rudoff & Sucharow LLP, NY 10017
    212.907.0700 212.818.0477 · info@glrslaw.com
  2. Shockman & McKeegan, P.C.
    7373 North Scottsdale Road, Suite 146C , Shockman & McKeegan, P.C., AZ 85253-3550
    602.596.1980 ·
No Document Title Filing Date
COURT: D. Arizona
DOCKET #: 99-CV-438
JUDGE: Hon. Earl H. Carroll
DATE FILED: 09/11/2000
CLASS PERIOD START: 04/14/1998
CLASS PERIOD END: 03/02/1999
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Goodkind Labaton Rudoff & Sucharow LLP
    100 Park Avenue, Goodkind Labaton Rudoff & Sucharow LLP, NY 10017
    212.907.0700 212.818.0477 · info@glrslaw.com
No Document Title Filing Date
No Document Title Filing Date