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Case Status:    SETTLED
On or around 11/07/2000 (Date of order of final judgment)

Filing Date: April 22, 1999

According to Osicom Technologies, Inc.’s Form 10-K for the fiscal year ended January 31, 2001, on November 6, 2000, the court granted final approval to the settlement of the consolidated shareholder class actions pending in Federal district court in Los Angeles against the Company and certain present and former officers, and dismissed the actions against all defendants with prejudice. The settlement, which was entered into without any admission of liability by any of the defendants, provided for an aggregate cash payment to class members of $3.75 million, plus accrued interest from September 1, 2000, if any, less approved attorneys' fees and related expenses. The settlement was funded by the Company’s insurance carrier.

The Complaint charges that Osicom and certain of its officers
and directors violated Sections 10(b) and 20(a) of the
Securities Exchange Act of 1934 by issuing materially false and
misleading statements to the investing public concerning a
purported exclusive contract with an overseas customer.
Specifically, the Complaint alleges that defendants materially
misrepresented the Company's prospects in connection with the
agreement by misrepresenting the value of the contract to be
worth more than $90 million over two years, when, in fact, the
agreement merely required the customer to pay $175,000 towards
certain design costs and provided no real commitment to purchase
any of the Company's product. The Complaint alleges defendants
artificially inflated the price of the Company's securities.

The complaint further alleges that on or around April 20, 1999, Osicom issued a press release stating that it had received no orders from the customer. Bloomberg News subsequently reported the details of the contract the following
day. The market reaction to the news was disastrous. Recently,
the price of Osicom's common stock traded as high as $28 3/4 per
share. On April 21, 1999, Osicom's common stock price plummeted
to $10 / per share before trading was halted by NASDAQ.

COMPANY INFORMATION:

Sector: Technology
Industry: Communications Equipment
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: FIBR
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: C.D. California
DOCKET #: 99-CV-4321
JUDGE: Hon. Manuel L. Real
DATE FILED: 04/22/1999
CLASS PERIOD START: 07/02/1998
CLASS PERIOD END: 04/21/1999
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abbey Gardy & Squiteri LLP (San Francisco)
    595 Market Street, Suite 2500, Abbey Gardy & Squiteri LLP (San Francisco), CA 94105
    415.538.3725 ·
  2. Barrack, Rodos & Bacine (San Diego - former)
    402 West Broadway , Barrack, Rodos & Bacine (San Diego - former), CA 92101
    619.230.0800 619.230.1874 · info@barrack.com
  3. Berman DeValerio Pease Tabacco Burt & Pucillo (CA)
    425 California Street, Suite 2025, Berman DeValerio Pease Tabacco Burt & Pucillo (CA), CA 94104
    415.433.3200 415.433.6382 ·
  4. Bernstein Litowitz Berger & Grossmann LLP (Westfield, NJ)
    220 St. Paul Street, Bernstein Litowitz Berger & Grossmann LLP (Westfield, NJ), NJ 07090
    908.928.1700 908.301.9008 · blbg@blbglaw.com
  5. Entwistle & Cappucci LLP
    299 Park Avenue, 14th Floor, Entwistle & Cappucci LLP, NY 10171
    212.894.7200 212.894.7272 · info@entwistle-law.com
  6. Law Offices of Marc S. Henzel (Bala Cynwyd)
    273 Montgomery Ave. Suite 202, Law Offices of Marc S. Henzel (Bala Cynwyd), PA 19004
    610.660.8000 610.660.8080 · securitiesfraud@comcast.net
  7. 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
  8. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
  9. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
  10. Zwerling, Schachter, Zwerling & Koppell LLP
    767 Third Avenue , Zwerling, Schachter, Zwerling & Koppell LLP, NY 10017
    ·
No Document Title Filing Date
COURT: C.D. California
DOCKET #: 99-CV-4321
JUDGE: Hon. Manuel L. Real
DATE FILED: 08/20/1999
CLASS PERIOD START: 07/02/1998
CLASS PERIOD END: 04/21/1999
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. 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