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Case Status:    SETTLED
On or around 01/21/1999 (Date of order of final judgment)

Filing Date: December 17, 1997

According to the court's docket, the parties reached a Stipulation of Settlement on November 10, 1998. The court entered its final judgment and order approving the settlement on January 21, 1999.

As reported by the firm's 10-K dated April 6, 2000, in connection with the approval and effectiveness of their Bankruptcy Plan, the Company settled a putative class action brought on behalf of certain purchasers and sellers of Westbridge's Convertible Notes and Old Common Stock during the period October 31, 1996 through October 31, 1997.

The Complaint alleges that Westbridge and certain of its officers and directors violated the Securities Act of 1933 and the Securities Exchange Act of 1934. Throughout the Class Period Westbridge is alleged to have reported financial results which materially overstated Westbridge's earnings due to Westbridge's establishment of inadequate reserves for pending insurance claims. During the Class Period, Westbridge increased its revenue from renewal premiums
every quarter, yet allowed an undisclosed backlog of pending submitted claims to build up, and rather than increase its reserve for these claims, it actually decreased its reserve.

COMPANY INFORMATION:

Sector: Financial
Industry: Insurance (Accident & Health)
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: AASR
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. Texas
DOCKET #: 97-CV-3087
JUDGE: Hon. Sam A. Lindsay
DATE FILED: 12/17/1997
CLASS PERIOD START: 10/31/1996
CLASS PERIOD END: 10/31/1997
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Leo W. Desmond
    2161 Palm Beach Lakes Boulevard, Suite 204, Leo W. Desmond, FL 33409
    561.712.8000 561.712.8000 · stocklaw@bellsouth.net
  2. Rabin & Peckel LLP
    275 Madison Avenue, 34th Floor, Rabin & Peckel LLP, NY 10016
    212.682.1818 212.682.1892 · email@rabinlaw.com
No Document Title Filing Date
COURT: N.D. Texas
DOCKET #: 97-CV-3087
JUDGE: Hon. Sam A. Lindsay
DATE FILED: 08/18/1998
CLASS PERIOD START: 10/31/1996
CLASS PERIOD END: 10/31/1997
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Leo W. Desmond
    2161 Palm Beach Lakes Boulevard, Suite 204, Leo W. Desmond, FL 33409
    561.712.8000 561.712.8000 · stocklaw@bellsouth.net
  2. Lynn, Stodghill, Melsheimer & Tillotson LLP
    750 North St, Paul Street, Suite 1400, Lynn, Stodghill, Melsheimer & Tillotson LLP, TX 75201
    214.981.3800 214.981.3830 ·
  3. Rabin & Peckel LLP
    275 Madison Avenue, 34th Floor, Rabin & Peckel LLP, NY 10016
    212.682.1818 212.682.1892 · email@rabinlaw.com
No Document Title Filing Date