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Case Status:    SETTLED
On or around 05/05/1999 (Other)

Filing Date: October 18, 1996

According to docket 98-CV-04163, after the case was intra-district transferred, a Stipulation of Settlement was filed on February 11, 1999. On March 3, 1999, the Court entered the Preliminary Order by U.S. District Judge Margaret M. Morrow preliminarily approving the proposed settlement and setting the settlement conference for May 3, 1999. On May 5, 1999, the Court entered the Order granting the motion for approval of the proposed settlement. The action settled for $14,800,000. The Court awarded plaintiffs’ counsel attorney fees in the amount of 30% ($4,440,000) of the settlement fund including interest. The Court further awarded the amount of $2,500 to each of the 3 named class representatives Sheldon Kriegel, Michael Tsenter & Harold Wallach as and for reasonable reimbursement of their time and expenses. The action was dismissed and the case was terminated.

On May 27, 1998, the Court entered the Order by Chief Judge Terry J. Hatter transferring the case from Judge Linda H. McLaughlin to Judge Margaret M. Morrow. The case was intra-district transferred from the U.S. District Court of California for the Central, Southern Division to the Western Division.

The original complaint in the action alleges that during the class period, defendants made dramatic claims about Pacific's Solium fluorescent light technology and the commercial readiness of, and prospects for, certain lighting products using this technology. It is alleged that defendants' statements were materially false and misleading because, among other things, the technology was not fully developed and had serious defects, severely restricting its commercial viability. It is further alleged that defendants' misrepresentations caused a steep rise in the price of Pacific common stock and allowed certain officers and directors to reap substantial profits by selling company stock at artificially inflated prices.

COMPANY INFORMATION:

Sector: Capital Goods
Industry: Aerospace & Defense
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: PSX
Company Market: New York SE
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 #: 96-CV-975
JUDGE: Hon. Linda H. McLaughlin
DATE FILED: 10/18/1996
CLASS PERIOD START: 10/03/1994
CLASS PERIOD END: 07/02/1996
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. 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 ·
  2. Prongay & Borderud
    881 Alma Real Drive, Suite 211, Prongay & Borderud, CA 90272
    310.573.3600 ·
  3. Schoengold & Sporn PC (New York)
    19 Fulton Street, Schoengold & Sporn PC (New York), NY 10038
    212.964.0046 212.267.8130 · Shareholderrelations@spornlaw.com
  4. 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 #: 98-CV-04163
JUDGE: Hon. Linda H. McLaughlin
DATE FILED: 12/30/1996
CLASS PERIOD START: 10/03/1994
CLASS PERIOD END: 07/02/1996
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. 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 ·
  2. Lionel Z. Glancy
    1801 Avenue of the Stars Suite 308, Lionel Z. Glancy, CA 90067
    310.201.9150 ·
  3. Prongay & Borderud
    881 Alma Real Drive, Suite 211, Prongay & Borderud, CA 90272
    310.573.3600 ·
  4. Schoengold & Sporn PC (New York)
    19 Fulton Street, Schoengold & Sporn PC (New York), NY 10038
    212.964.0046 212.267.8130 · Shareholderrelations@spornlaw.com
  5. Zwerling, Schachter, Zwerling & Koppell LLP
    767 Third Avenue , Zwerling, Schachter, Zwerling & Koppell LLP, NY 10017
    ·
No Document Title Filing Date