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Case Status:    SETTLED
On or around 10/01/2002 (Date of order of final judgment)

Filing Date: June 02, 1998

According to the docket, on September 30, 2002, Senior Judge Charles R. Weiner issued a Final Judgment and Order of Dismissal approving the Stipulation of Partial Settlement dated May 31, 2002. The case against the remaining defendants was dismissed with prejudice. The case is closed.

Earlier, on March 27, 2000 and January 16, 2002, certain Individual Defendants were dismissed without prejudice and with prejudice, respectively.

In a press release dated October 17, 2001, Milberg Weiss Bershad Hynes & Lerach, LLP, one of the court appointed lead counsel for the shareholder lead plaintiffs, announces $61 million recovery in connection with the settlement of a shareholder action against Vesta Insurance Group, Inc. and certain current and former officers and directors of the Company.

The original complaint charges Vesta and certain high level Company executives are charged with violating the federal securities laws by misleading investors with materially false and misleading information concerning the Company's financial condition and prospects. After the defendants had publicly represented that Vesta was a well-managed and successful company, they issued a press release announcing that Vesta was "conducting an internal investigation . . . into possible accounting irregularities". Vesta had reported a total net income of approximately $28 million, thus, the defendants' announcement meant that Vesta's earnings were less than half of what had been reported.

COMPANY INFORMATION:

Sector: Financial
Industry: Insurance (Prop. & Casualty)
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: VTA
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: N.D. Alabama
DOCKET #: 98-CV-01407
JUDGE: Hon. William M. Acker Jr
DATE FILED: 06/02/1998
CLASS PERIOD START: 10/30/1997
CLASS PERIOD END: 06/01/1998
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. 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
  2. Simon Donovan
    1150 Financial Center; 505 North 20th Street, Simon Donovan, AL 35203
    205.324.2727 ·
  3. Wolf Popper, LLP
    845 Third Avenue, Wolf Popper, LLP, NY 10022-6689
    877.370.7703 212.486.2093 · IRRep@wolfpopper.com
No Document Title Filing Date
COURT: N.D. Alabama
DOCKET #: 98-CV-01407
JUDGE: Hon. William M. Acker Jr
DATE FILED: 03/15/1999
CLASS PERIOD START: 10/30/1997
CLASS PERIOD END: 06/01/1998
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Goodkind Labaton Rudoff & Sucharow LLP
    100 Park Avenue, Goodkind Labaton Rudoff & Sucharow LLP, NY 10017
    212.907.0700 212.818.0477 · info@glrslaw.com
  2. 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
No Document Title Filing Date