Case Page

 

Case Status:    DISMISSED    
On or around 02/29/2000 (Date of order of final judgment)

Filing Date: July 09, 1996

According to the firm's 10-Q filing dated 2/14/2000, the Company and several of its current and former officers and Directors
were also parties to four putative class action lawsuits pending in the U.S.
District Court for the Northern District of California. These actions were
consolidated as IN RE OAK TECHNOLOGY, INC. SECURITIES LITIGATION, Case
No. C-96-20552-SW(PVT). This action alleges certain violations of federal
securities laws based upon the same allegations as the state court securities
litigation. This action also named as a defendant one of the Company's
investment bankers. On July 29, 1997, the federal court judge granted the Oak
defendants Motion to Dismiss the plaintiffs' First Amended Consolidated
Complaint, but granted the plaintiffs leave to amend most claims. The
plaintiffs' Second Amended Consolidated Complaint was filed on September 4,
1997. The defendants' Motion to Dismiss was heard on December 17, 1997. The
court took the matter under submission. Prior to the issuance of the court's
ruling on the motion to dismiss, the plaintiffs moved to voluntarily dismiss
this action without prejudice. Defendants requested that the action be dismissed
with prejudice. On November 22, 1999, the court dismissed the action without
prejudice.

According to the consolidated amended complaint, following the initial public offering of Oak's common stock in February 1995 and the secondary common stock offering on May 11, 1995, defendants embarked on a fraudulent scheme whereby they artificially inflated the price of Oak's common stock. While engaged in their fraudulent scheme, the Individual Defendants sold massive amounts of their personal Oak stock holdings. In all, named defendants sold over 4.2 million shares of their Oak stock at artificially inflated prices and received $104 million in illegal insider trading proceeds before the truth came out and Oak's stock price collapsed. Defendants accomplished this scheme by issuing false and misleading statements and omitting to make statements of material fact necessary in order to make the statements made not misleading.

COMPANY INFORMATION:

Sector: Technology
Industry: Semiconductors
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: OAKT
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 #: 96-CV-20552
JUDGE: Hon. Spencer Williams
DATE FILED: 07/09/1996
CLASS PERIOD START: 10/26/1995
CLASS PERIOD END: 05/22/1996
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Alfred G. Yates, Jr.
    429 Forbes Avenue, Alfred G. Yates, Jr. , PA 15219
    412.391.5164 ·
  2. Bernstein Liebhard & Lifshitz, LLP (New York)
    10 E. 40th Street, 22nd Floor, Bernstein Liebhard & Lifshitz, LLP (New York), NY 10016
    800.217.1522 · info@bernlieb.com
  3. Cotchett Pitre & Simon
    San Francisco Airport Office Center, 840 Malcolm Road, Suite 200, Cotchett Pitre & Simon, CA 94010
    650.697.6000 ·
  4. Curtis V. Trinko LLP
    16 West 46th Street 7th Floor, Curtis V. Trinko LLP, NY 10036
    212.490.9550 212.986.0158 · ctrinko@trinko.com
  5. Damrell, Nelson, Schrimp, Pallios & Ladine
    1601 I Street, 5th Floor, Damrell, Nelson, Schrimp, Pallios & Ladine, CA 95354
    209.526.3500 209.526.3534 ·
  6. Gold Bennett Cera & Sidener LLP
    595 Market Street, Suite 2300, Gold Bennett Cera & Sidener LLP, CA 94105-2835
    800.778.1822 415.777.5189 · info@gbcsf.com
  7. Kenneth A. Elan (former NY)
    217 Broadway Suite 404, Kenneth A. Elan (former NY), NY 10007
    212.619.0260 ·
  8. Law Offices of Jeffrey F. Keller
    221 Main St Ste 1300, Law Offices of Jeffrey F. Keller, CA 94105
    415.543.1305 ·
  9. Lawrence G. Soicher
    342 Madison Avenue, 18th Floor , Lawrence G. Soicher, NY 10173
    212/883.8000 ·
  10. 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
No Document Title Filing Date
COURT: N.D. California
DOCKET #: 96-CV-20552
JUDGE: Hon. Spencer Williams
DATE FILED: 09/04/1997
CLASS PERIOD START: 07/26/1995
CLASS PERIOD END: 05/22/1996
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cotchett Pitre & Simon
    San Francisco Airport Office Center, 840 Malcolm Road, Suite 200, Cotchett Pitre & Simon, CA 94010
    650.697.6000 ·
  2. Gold Bennett Cera & Sidener LLP
    595 Market Street, Suite 2300, Gold Bennett Cera & Sidener LLP, CA 94105-2835
    800.778.1822 415.777.5189 · info@gbcsf.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
No Document Title Filing Date
No Document Title Filing Date