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Case Status:    SETTLED
On or around 02/12/2001 (Date of order of final judgment)

Filing Date: August 01, 1997

According to a news article dated December 6, 1999, PLC Systems agreed to a settlement for $1.5 million, to be paid for by their insurance carriers.

According to PLC Systems' SEC 10-K filing for the fiscal year ended December 31, 2000, on February 9, 2001, the Court issued an Order approving the settlement of the federal suit and entered a judgment of dismissal. The settlement of the federal
suit did not have a material impact on the Company's financial statements.

Additionally, in July 1997, an FDA advisory panel recommended against approval of the Company's application to market the HL1 in the United States. Following this
recommendation, the Company was named as defendant in 21 purported class action lawsuits filed between August 1997 and November 1997 in the United States
District Court for the District of Massachusetts. The lawsuits sought an
unspecified amount of damages in connection with alleged violations of the
federal securities laws based on the Company's failure to obtain a favorable FDA
panel recommendation in 1997. Nineteen of these complaints were consolidated by
the court into a single action for pretrial purposes (hereafter referred to as
the "federal suit"). Two of these suits were voluntarily dismissed. The Company
moved to dismiss all claims in the federal suit. On March 26, 1999, the court
issued an order dismissing some, but not all, of the claims in the federal suit.
The parties filed cross motions for reconsideration and on October 12, 1999, the
court dismissed additional, but not all remaining claims in the federal suit.

The complaint alleges that PLC Systems, Inc. issued materially false and misleading statements and omitted from disclosure material facts concerning the safety, efficacy and clinical trial results of the Heart Laser TMR system. The complaint also alleges that the defendants made knowingly false and misleading statements about the prospect for PLC to obtain approval from the FDA to market the Heart Laser. These continued false public statements artificially inflated PLC's stock price causing purchasers of PLC stock to buy at an inflated price during the period of 8/15/97 to 7/25/97.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Medical Equipment & Supplies
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: PLC
Company Market: Amex Emerging Co.
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 #: 97-CV-11737
JUDGE: Hon. Richard G. Stearns
DATE FILED: 08/01/1997
CLASS PERIOD START: 08/15/1996
CLASS PERIOD END: 07/25/1997
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Berger & Montague PC
    1622 Locust Street, Berger & Montague PC, PA 19103
    800.424.6690 215.875.4604 · investorprotect@bm.net
  2. 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
No Document Title Filing Date
COURT: D. Massachusetts
DOCKET #: 97-CV-11737
JUDGE: Hon. Richard G. Stearns
DATE FILED: 02/13/1998
CLASS PERIOD START: 08/15/1996
CLASS PERIOD END: 07/25/1997
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Berger & Montague PC
    1622 Locust Street, Berger & Montague PC, PA 19103
    800.424.6690 215.875.4604 · investorprotect@bm.net
  2. 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
  3. Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY)
    One Pennsylvania Plaza, Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY), NY 10119-1065
    212.594.5300 ·
No Document Title Filing Date
No Document Title Filing Date