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Case Status:    SETTLED
On or around 09/22/2003 (Date of order of final judgment)

Filing Date: January 22, 1999

According to the docket dated April 6, 2004, on September 22, 2003, the court entered a Final Judgment of dismissal with prejudice by U.S. District Judge James D. Whittemore. Earlier, on August 28, 2003, the Court granted the motion for attorney fees and expenses and awarded plaintiffs’ counsel $625,000.00 in attorneys' fees and $368,445.78 in expenses. The Stipulation of Settlement was entered and preliminarily approved by Judge Whittemore on February 18, 2003.

By the Notice of Hearing on Proposed Settlement, the settlement fund established consisted of $2,500,000 in cash.

The original class action suit charges defendants with violation of the securities Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. Specifically, the Complaint alleges that Vision 21 misrepresented its ability to integrate the acquisitions that the Company had made during the Class Period and misstated its revenues, net income, and expenses reported in the Company's financial statements for the first and second quarters of fiscal 1998. The complaint further alleges on or around November 6, 1998, Vision 21 shocked the market when it reported a $0.03 per share loss for the third quarter of 1998, and admitted, among other things, that: (1) revenues for the first and second quarters were overstated and expenses were under-reported; and (2) it was forced to make adjustments to the third quarter financials resulting in a charge of $700,000, or just under $0.05 per share, for the accounting irregularities in the first and second quarters. During the Class Period, Vision 21 common stock traded as high as $11.75 per share. In the days following the November 6, 1998 announcement, the price of Vision 21 common stock plunged to $4.00 per share, losing over 60% of its value from its high during the Class Period.

COMPANY INFORMATION:

Sector: Services
Industry: Business Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: EYES
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: M.D. Florida
DOCKET #: 99-CV-00138
JUDGE: Hon. Henry L. Adams, Jr.
DATE FILED: 01/22/1999
CLASS PERIOD START: 12/05/1997
CLASS PERIOD END: 11/05/1998
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Hanzman, Criden, Korge, Chaykin, Ponce & Heise, P.A.
    200 S. Biscayne Blvd., Hanzman, Criden, Korge, Chaykin, Ponce & Heise, P.A., FL 33131
    ·
  2. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.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: M.D. Florida
DOCKET #: 99-CV-00138
JUDGE: Hon. Henry L. Adams, Jr.
DATE FILED: 08/16/1999
CLASS PERIOD START: 12/05/1997
CLASS PERIOD END: 11/05/1998
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
  2. 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
No Document Title Filing Date
No Document Title Filing Date