Case Page

 

Case Status:    DISMISSED    
On or around 11/06/1998 (Other)

Filing Date: October 01, 1996

According to the latest docket posted, on November 2, 1998, the plaintiffs filed an unopposed motion to voluntarily dismiss the action without prejudice pursuant to Rule 41(a)(2). On November 6, 1998, the Court entered the Order granting the motion for voluntary dismissal without prejudice, and the case was closed.

On January 28, 1997, Performance Nutrition, Inc. filed a notice of bankruptcy. On February 13, 1997, the Court entered the Order granting the motion to consolidate two similar class actions filed in federal court. That same day, the Court entered the Order administratively closing the case because of the Performance Nutrition’s bankruptcy. On July 22, 1997, the Court entered the Order denying the motion to reopen the case against the individual defendants, but later entered another Order on April 3, 1998, granting the motion to reopen the case against the individual defendants but to sever Performance Nutrition, Inc. from the action. On April 17, 1998, the plaintiffs filed a Consolidated Amended Class Action Complaint.

The complaint alleges that the company; its former president, chairman and chief
Executive; and its former secretary and treasurer, misrepresented and/or omitted company information. Specifically, the suit relates to information released during the class period concerning the company's business, outlook, suspension and embezzlement conviction of the Company’s former president, and the absence of clinical support that the company's KidsPLEX product could be used in treating Attention Deficit Disorder. The suit also alleges that the company employed improper accounting practices and that its earnings for the nine months ended June 30 and the prior fiscal year ended Sept. 30, 1995, were misstated. Performance Nutrition said it believes the revenues for fiscal year 1995 and for the nine-month period ended June 30 were "substantially overstated." The company said it discovered the overstatements after a preliminary review of accounting records. On Sept. 4, Performance Nutrition Inc. (PNII) removed its chairman, chief executive and president after an article indicated he had been convicted in 1982 of embezzling $16.7 million from an Iowa bank and was a defendant in a suit brought in Oklahoma City by the Securities and Exchange Commission alleging violations of federal securities laws.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Biotechnology & Drugs
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: PNII
Company Market: OTC-BB
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. Texas
DOCKET #: 96-CV-2754
JUDGE: Hon. Robert B. Maloney
DATE FILED: 10/01/1996
CLASS PERIOD START: 03/08/1994
CLASS PERIOD END: 09/04/1996
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Edward Dietrich
    10940 Wilshire Blvd; Suite 2300, Edward Dietrich, CA 90024
    310.209.2468 ·
  2. Kilgore & Kilgore
    3131 McKinney Ave., LB 103, Ste. 700, Kilgore & Kilgore , TX 75204-2471
    214.969.9090 214.953.0130 · dcm@kilgorelaw.com
  3. Stull, Stull & Brody (New York)
    6 East 45th Street, Stull, Stull & Brody (New York), NY 10017
    310.209.2468 310.209.2087 · SSBNY@aol.com
  4. 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. Texas
DOCKET #: 96-CV-2754
JUDGE: Hon. Robert B. Maloney
DATE FILED: 04/17/1998
CLASS PERIOD START: 03/08/1994
CLASS PERIOD END: 09/04/1996
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Claxton & Hill
    3131 McKinney Ave., Suite 700 LB 103, Claxton & Hill, TX 75204-2471
    214.969.9099 ·
  2. Kilgore & Kilgore
    3131 McKinney Ave., LB 103, Ste. 700, Kilgore & Kilgore , TX 75204-2471
    214.969.9090 214.953.0130 · dcm@kilgorelaw.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. Stull, Stull & Brody (New York)
    6 East 45th Street, Stull, Stull & Brody (New York), NY 10017
    310.209.2468 310.209.2087 · SSBNY@aol.com
  5. Weiss & Yourman (Los Angeles, CA)
    10940 Wilshire Blvd - 24th Floor, Weiss & Yourman (Los Angeles, CA), CA 90024
    310.208.2800 310.209.2348 · info@wyca.com
No Document Title Filing Date
No Document Title Filing Date