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Case Status:    SETTLED
On or around 03/18/1997 (Date of order of final judgment)

Filing Date: April 16, 1996

According to the Company’s Form 10-Q for the quarterly period ended September 28, 1996, on March 14, 1997, a settlement was confirmed by the entry of a Final Judgment and Order of Dismissal with Prejudice. The settlement provides, among other things, that the Company will issue shares of its common stock (and provide certain anti-dilution protection) to the plaintiffs and the Class in order to convey ownership of 40% of the Company's common stock. The Company's insurance carrier also contributed $300,000 to the settlement.

Also reported by the SEC filing, during the quarter ended June 29, 1996, the Company together with certain former officers, directors and third parties was named as a defendant in approximately seventeen (17) class action lawsuits, filed by persons and entities who purchased the common stock and warrants of the company during the period November 11, 1994, through and including April 15, 1996, in the United States District Court for the Northern District of Georgia. On July 9, 1996, the district court ordered that the complaints be consolidated for all purposes. On July 23, 1996, the plaintiffs filed a consolidated class action complaint alleging violations of Section 10(b) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, and an additional claim under Georgia common law for alleged negligent misrepresentations. On August 29, 1996 the district court certified plaintiffs as representatives of a of a class of all persons who purchased the Company's common stock and/or warrants during the period from October 24, 1994 through June 8, 1996.

The complaint alleges that Vista 2000, Inc. and certain of its officers and directors made forward-looking statements regarding earnings and revenue projections that were false and misleading. The complaint also alleges that the company's independent auditors failed to perform an audit in accordance with generally accepted accounting standards. Additionally, the complaint alleges that the company's auditors were aware of internal control problems as well as the company's failure to record revenue in accordance with generally accepted accounting principles. The complaint further alleges that the company and certain of its officers and directors made false and misleading statements in the prospectus and registration statement for the company's initial public offering. The complaint asserts claims against the company's lead underwriters for failure to properly perform a due the complaint asserts violations of (i) Sections 11, 12(a)(2) and 15 of the Securities Act of 1933, (ii) Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, (iii) Sections 10-5-12, 10-5-14(a) and 10-5-14(c) of the Official Code of Georgia Annotated, and (iv) a Georgia common law claim for negligent misrepresentation.

Note: Vista 2000, Inc. designs, develops, and through its various operating subsidiaries, manufactures and distributes a wide variety of consumer products including housewares, specialty appliances and home security products such as carbon monoxide and radon detectors.

COMPANY INFORMATION:

Sector: Consumer Cyclical
Industry: Appliance & Tool
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: VISTE
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. Georgia
DOCKET #: 96-CV-00906
JUDGE: Hon. Frank M. Hull
DATE FILED: 04/16/1996
CLASS PERIOD START: 10/02/1995
CLASS PERIOD END: 03/25/1996
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. 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
  2. Carr, Tabb & Pope
    1355 Peachtree Street, N.E., Suite 2000, Carr, Tabb & Pope, GA 30309
    404.876.7790 ·
  3. Kaplan Fox & Kilsheimer, LLP (former New York, NY)
    805 Third Avenue, 22nd Floor, Kaplan Fox & Kilsheimer, LLP (former New York, NY), NY 10022
    212.687.1980 212.687.7714 · info@kaplanfox.com
  4. Law Offices of Richard J. Vita (Boston)
    Two Oliver Street, 8th Fl., Law Offices of Richard J. Vita (Boston), MA 02109
    617.426.6566 ·
  5. 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
COURT: N.D. Georgia
DOCKET #: 96-CV-00906
JUDGE: Hon. Frank M. Hull
DATE FILED: 07/23/1996
CLASS PERIOD START: 11/11/1994
CLASS PERIOD END: 04/15/1996
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abbey Gardy, LLP (New York)
    212 East 39th Street, Abbey Gardy, LLP (New York), NY 10016
    212.889.3700 · info@abbeygardy.com
  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. Carr Tabb Pope & Freeman
    1355 Peachtree Street, N.E.; Suite 2000, Carr Tabb Pope & Freeman, GA 30309
    404-876-7790 ·
  4. Chitwood & Harley LLP (Atlanta)
    7945 East Paces Ferry Road, 1400 Resurgens Plaza, Chitwood & Harley LLP (Atlanta), GA 30326
    404.266.1650 · info@chitwoodlaw.com
  5. Kaplan Fox & Kilsheimer, LLP (former New York, NY)
    805 Third Avenue, 22nd Floor, Kaplan Fox & Kilsheimer, LLP (former New York, NY), NY 10022
    212.687.1980 212.687.7714 · info@kaplanfox.com
  6. 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 ·
  7. Schoengold & Sporn PC (New York)
    233 Broadway 39Th Floor, Schoengold & Sporn PC (New York), NY 10279
    212.964.0046 ·
No Document Title Filing Date