Case Page

 

Case Status:    SETTLED
On or around 11/21/1997 (Date of order of final judgment)

Filing Date: June 27, 1996

According to the Company's Form 10-Q for the quarterly period ended September 30, 1997, on November 19, 1997, the court finalized judgment approving the settlement of the case. The Company entered into an agreement effective May 14, 1997 to settle the pending securities class actions. The Company, its insurance carriers and its former underwriters will pay $8.25 million to claims against the
defendants. The Company has agreed to pay $1.7 million of this amount. In
addition, the Company will issue one million shares of the Company's Common
Stock to the class. The Company will also pay $2 million to the class if,
within two years from final approval of the settlement, the Company engages
in a merger or similar transactions which results in a change of 'control' of
the Company.

Each of these cases purported to be a class action on behalf of a class of
purchasers of the Company's stock. The actions, taken as a group, alleged that
the Company violated the Securities Act of 1933, the Securities Exchange Act of
1934 (and Rule 10b-5 thereunder), and certain state statutes and common law
doctrines. All of the actions were filed after the price of the Company's stock
decreased in June 1996. Certain of the actions pertain to an alleged class of
plaintiffs who purchased shares in the Company's $100 million public offering,
which closed on June 5, 1996. Other actions purport to include claims on behalf
of all purchasers of the Company's Common Stock during an alleged class period.

COMPANY INFORMATION:

Sector: Technology
Industry: Communications Equipment
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: PNET
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: N.D. Texas
DOCKET #: 96-CV-1795
JUDGE: Hon. Jorge A. Solis
DATE FILED: 06/27/1996
CLASS PERIOD START: 05/30/1996
CLASS PERIOD END: 06/24/1996
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Kahn & Associates, Ltd.
    One Northfield Plaza Suite 100, Kahn & Associates, Ltd. , IL 60093-1211
    847/501.5083 ·
  2. Kilgore & Kilgore
    3131 McKinney Ave., LB 103, Ste. 700, Kilgore & Kilgore , TX 75204-2471
    214.969.9090 214.953.0130 · dcm@kilgorelaw.com
No Document Title Filing Date
COURT: N.D. Texas
DOCKET #: 96-CV-1795
JUDGE: Hon. Jorge A. Solis
DATE FILED: 02/10/1997
CLASS PERIOD START: 05/30/1996
CLASS PERIOD END: 06/24/1996
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. Claxton & Hill
    3131 McKinney Ave., Suite 700 LB 103, Claxton & Hill, TX 75204-2471
    214.969.9099 ·
  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. Schoengold & Sporn PC (New York)
    233 Broadway 39Th Floor, Schoengold & Sporn PC (New York), NY 10279
    212.964.0046 ·
No Document Title Filing Date