Case Page

 

Case Status:    SETTLED
On or around 08/12/1999 (Date of order of final judgment)

Filing Date: August 28, 1997

According to the firm's 10-Q filing dated 8/16/1999, between August 27, 1997 and October 24, 1997, four actions were filed against the Company, the current Chairman of the Board of Directors and formerly an officer of the Company, and another former officer of the Company. These actions were consolidated into a single
action, alleging violations of Section 10 (b) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated there under, as well as claims against the individual defendants for alleged "controlling person" liability under Section 20(a) of the Securities Exchange Act. On December 24, 1998, the Company and the individual defendants entered into an agreement in principle to settle the consolidated class action lawsuits for the payment of $11 million to the plaintiffs. On August 11, 1999, U.S. District Court Judge Avern Cohn of the Eastern District of Michigan granted final approval of the Stipulation of Settlement formalizing the agreement in principle.

The original Complaint alleges that during the Class Period, TechTeam and certain of its directors and officers violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by making misrepresentations and omissions of material fact about the Company's financial condition and operations. Among other things, the Complaint claims that the defendants caused TechTeam to overstate materially its revenues and income in the first quarter of 1997 by recognizing revenue on an accelerated basis on a purported contract to license software.

COMPANY INFORMATION:

Sector: Technology
Industry: Computer Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: TEAM
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. Michigan
DOCKET #: 97-CV-74587
JUDGE: Hon. Barbara K. Hackett
DATE FILED: 08/28/1997
CLASS PERIOD START: 09/27/1996
CLASS PERIOD END: 07/22/1997
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Gruel, Mills, Nims & Pylman LLP
    50 Monroe Avenue NW, Suite 700W, Gruel, Mills, Nims & Pylman LLP, MI 49503
    616235.5500 616.235.5550 · gmnp@gmnp.net
  2. Mantese, Miller and Mantese, P.L.L.C.
    1301 W. Long Lake, Suite 135, Mantese, Miller and Mantese, P.L.L.C., MI 48098
    248.267.1200 ·
  3. Wolf Popper, LLP
    845 Third Avenue, Wolf Popper, LLP, NY 10022-6689
    877.370.7703 212.486.2093 · IRRep@wolfpopper.com
No Document Title Filing Date
COURT: E.D. Michigan
DOCKET #: 97-CV-74587
JUDGE: Hon. Barbara K. Hackett
DATE FILED: 04/13/1998
CLASS PERIOD START: 09/27/1996
CLASS PERIOD END: 07/18/1997
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Elwood S. Simon & Associates, PC
    355 S. Woodward Avenue Suite 250, Elwood S. Simon & Associates, PC, MI 48009
    810/646.9730 ·
  2. Garwin, Bronzaft, Gerstein & Fisher
    1501 Broadway Suite 1416, Garwin, Bronzaft, Gerstein & Fisher, NY 10036
    212.398.0050 · gbgf@aol.com
  3. Gruel, Mills, Nims & Pylman LLP
    50 Monroe Avenue NW, Suite 700W, Gruel, Mills, Nims & Pylman LLP, MI 49503
    616235.5500 616.235.5550 · gmnp@gmnp.net
  4. Mantese, Miller and Mantese, P.L.L.C.
    1301 W. Long Lake, Suite 135, Mantese, Miller and Mantese, P.L.L.C., MI 48098
    248.267.1200 ·
  5. Miller Faucher Cafferty & Wexler, LLP
    101 North Main Street - Suite 570, Miller Faucher Cafferty & Wexler, LLP, MI 48104
    734.769.2144 ·
  6. Wolf Popper, LLP
    845 Third Avenue, Wolf Popper, LLP, NY 10022-6689
    877.370.7703 212.486.2093 · IRRep@wolfpopper.com
No Document Title Filing Date
No Document Title Filing Date