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Case Status:    DISMISSED    
On or around 06/30/1998 (Other)

Filing Date: June 14, 1996

According to the docket, on September 30, 1996, the defendants filed several motions to dismiss the complaint. On February 24, 1996, U.S. District Court Judge Judith N. Keep issued an Order granting the defendants’ motions to dismiss. The Court dismissed all plaintiff’s claims against all defendants with prejudice. On December 24, 1996, the Court entered the Clerk’s Judgment, and on January 6, 1997, the plaintiff filed a Notice of Appeal from the District Court’s decision. On June 30, 1998, the Court entered the copy of the judgment from the U.S. Court of Appeals, affirming the decision of the District Court.

The complaint charges Hart Brewing, certain of its officers, directors, underwriters, and certain selling shareholders with violations of the federal securities laws by, among other things, violating disclosure requirements in connection with its December, 1995 IPO. The non-disclosure of the Company's performance and ability to compete served to inflate the offering price of Hart Brewing common stock until subsequently the true facts about Hart Brewing's performance and ability to compete were ultimately disclosed. In addition, the management of Hart Brewing knew of these negative facts at the time of its public offering. The failure to discuss material facts about the performance of Hart Brewing altered the total mix of material information provided to investors. Plaintiff specifically alleges defendants knew, but withheld from the public, materially adverse facts which revealed that before December 13, 1995, the effective date of the public offering, Hart Brewing had experienced adverse trends which had a material impact on its barrels sold, net sales, operating income, income before taxes, and pro forma net income.

COMPANY INFORMATION:

Sector: Consumer Non-Cyclical
Industry: Beverages (Alcoholic)
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: HOPS
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: S.D. California
DOCKET #: 96-CV-1077
JUDGE: Hon. Judith N. Keep
DATE FILED: 06/14/1996
CLASS PERIOD START: 12/13/1995
CLASS PERIOD END: 06/14/1996
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Krause Kalfayan Benink & Slavens, LLP (San Diego)
    1010 Second Avenue, Suite 1750, Krause Kalfayan Benink & Slavens, LLP (San Diego), CA 92101
    619.232.0331 619.232.4019 ·
  2. Murray, Frank & Sailer LLP (Milwaukee)
    3181 South 27th Street, Murray, Frank & Sailer LLP (Milwaukee), WI 53215
    866.264.3995 414.482.8001 · info@murrayfrank.com
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