Case Page

 

Case Status:    SETTLED
On or around 11/13/2000 (Date of order of final judgment)

Filing Date: January 10, 1997

According to the Company’s Form 10-K for the fiscal year ended December 31, 2000, the federal court certified the purported class. On December 30, 1998, the federal court granted without leave to amend the defendant's motion to dismiss the second amended complaint in the Head federal action. Plaintiffs filed a notice of appeal to the U.S. Court of Appeals for the Ninth Circuit. On February 2,
1999, the federal court dismissed with prejudice the Beasley action pursuant to its order in the Head action. The individual cases of Head, Molinari, Beasley,& Interactive Data were consolidated into NetManage I (federal claims) and NetManage II (state claims). In November 2000, all were collectively settled, with no admission of guilt, for a cash payment of $5.1 million by NetManage's insurance carriers.


The complaint charges NetManage and certain of its officers and directors with violations of the federal securities laws, which violations involve the issuance of false financial statements and other positive statements, combined with massive insider trading by the individual defendants. The individual defendants sold 715,999 shares of their NetManage stock at artificially inflated prices as high as $24-1/8 per share, pocketing more than $14 million dollars in illegal insider trading proceeds, before the truth concerning NetManage's business and finances was revealed and NetManage's stock price, which had traded as high as $34 per share during the Class Period, collapsed to as low as $10. In addition, defendants used the inflated share value of NetManage stock to acquire other inter-networking software companies.

COMPANY INFORMATION:

Sector: Technology
Industry: Software & Programming
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: NETM
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: N.D. California
DOCKET #: 97-CV-4385
JUDGE: Hon. Charles R. Breyer
DATE FILED: 01/10/1997
CLASS PERIOD START: 07/25/1995
CLASS PERIOD END: 01/11/1996
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Alfred G. Yates, Jr.
    429 Forbes Avenue, Alfred G. Yates, Jr. , PA 15219
    412.391.5164 ·
  2. Faruqi & Faruqi LLP (New York) (former)
    320 East 39th Street, Faruqi & Faruqi LLP (New York) (former), NY 10016
    212.983.9330 212.983.9331 · Nfaruqi@faruqilaw.com
  3. 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
  4. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
  5. Weiss & Yourman (New York, NY)
    The French Building, 551 Fifth Ave., Suite 1600, Weiss & Yourman (New York, NY), NY 10126
    212.682.3025 212.682.3010 · info@wyca.com
No Document Title Filing Date
COURT: N.D. California
DOCKET #: 97-CV-4385
JUDGE: Hon. Charles R. Breyer
DATE FILED: 05/18/1998
CLASS PERIOD START: 07/25/1995
CLASS PERIOD END: 01/11/1996
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Alfred G. Yates, Jr.
    429 Forbes Avenue, Alfred G. Yates, Jr. , PA 15219
    412.391.5164 ·
  2. Faruqi & Faruqi LLP (New York) (former)
    320 East 39th Street, Faruqi & Faruqi LLP (New York) (former), NY 10016
    212.983.9330 212.983.9331 · Nfaruqi@faruqilaw.com
  3. 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
  4. Schiffrin, Craig & Barroway
    3 Bala Plaza, East, Suite 400, Schiffrin, Craig & Barroway, PA 19004
    610-667-7706 ·
No Document Title Filing Date
No Document Title Filing Date