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Case Status:    SETTLED
On or around 06/25/1999 (Date of order of final judgment)

Filing Date: December 05, 1996

According to the docket, on May 10, 1999, a Stipulation and Agreement of Compromise and Settlement was filed and, that same day, the Court entered the Order by U.S. District Judge Edward F. Harrington preliminarily approving the settlement. On June 25, 1999, the Court entered the Clerk’s Notes. The Court approved the settlement and awarded plaintiffs’ counsel attorneys’ fees in the aggregate amount of $2,000,000 paid from the settlement fund and reimbursement of expenses in the amount of $80,263.36. The Order of final approval and final judgment of dismissal was entered and the case was closed.

The original complaint alleges that in the Registration Statement and Prospectus for OEC's public offering in April 1995, OEC overstated its revenues and income for the fourth quarter and fiscal year ended December 31, 1994. The Complaint also alleges that thereafter OEC overstated its revenues and income (a) for the fourth quarter and fiscal year ended December 31, 1995; and (b) for the first quarter ended March 31, 1996. The Complaint alleges violations of Sections 11 and 15 of the Securities Act of 1933 and Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.

COMPANY INFORMATION:

Sector: Technology
Industry: Computer Hardware
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: OPEN
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. Massachusetts
DOCKET #: 96-CV-12466
JUDGE: Hon. Edward F. Harrington
DATE FILED: 12/05/1996
CLASS PERIOD START: 04/13/1995
CLASS PERIOD END: 10/10/1996
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Lowey, Dannenberg, Bemporad & Selinger, P.C.
    1 North Lexington Avenue, 11th Floor, Lowey, Dannenberg, Bemporad & Selinger, P.C., NY 10601-1714
    914.997.0500 914.997.0035 · ldbs@wesetnet.com
  2. Shapiro Haber & Urmy LLP (Boston)
    75 State Street, Shapiro Haber & Urmy LLP (Boston), MA 02109
    617.439.3939 617.439.0134 · info@shulaw.com
No Document Title Filing Date
COURT: D. Massachusetts
DOCKET #: 96-CV-12466
JUDGE: Hon. Edward F. Harrington
DATE FILED: 10/07/1997
CLASS PERIOD START: 04/13/1995
CLASS PERIOD END: 10/10/1996
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Berman DeValerio Pease Tabacco Burt & Pucillo (MA)
    One Liberty Square, Berman DeValerio Pease Tabacco Burt & Pucillo (MA), MA 2109
    617.542.8300 617.230.0903 · info@bermanesq.com
  2. Shapiro Haber & Urmy LLP (Boston)
    75 State Street, Shapiro Haber & Urmy LLP (Boston), MA 02109
    617.439.3939 617.439.0134 · info@shulaw.com
No Document Title Filing Date
No Document Title Filing Date