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Case Status:    DISMISSED    
On or around 09/15/1999 (Date of order of final judgment)

Filing Date: October 21, 1998

According to the latest docket posted, on September 15, 1999, the Court issued the Opinion and Order granting the motion to dismiss the consolidated class action complaint. U.S. District Judge Sim Lake further issued the Final Judgment dismissing the case with prejudice and the case was closed.

As previously reported by the Company’s FORM 10-Q for the quarterly period ended June 30, 1999, between October 21, 1998 and December 4, 1998, 20 essentially identical, purported securities class action lawsuits were filed against the Company and certain of its current and former officers and directors. On January 6, 1999, the District Court entered an order consolidating the securities class action litigation into a single action entitled In re Zapata Corporation Securities Litigation, H-98-3498, and on January 19, 1999, entered an order appointing lead plaintiffs and approving lead plaintiffs' selection of co-lead counsel. On February 16, 1999, plaintiffs filed a consolidated amended complaint in the District Court. The defendants filed a motion to dismiss to the amended consolidated complaint on April 2, 1999.

The original complaint alleges that defendants falsely represented that Zapata was successfully implementing its highly publicized Internet strategy, including by agreeing to acquire 25 different Internet businesses, and by preparing to spin-off its Internet business. Plaintiffs allege that defendants' misleading positive statements artificially inflated the price of Zapata stock, causing the price of Zapata shares to double overnight, from approximately $11 per share at the beginning of the Class Period to close at $21.50 on July 6, 1998. Zapata's insiders took advantage of this run-up in the price of Zapata stock, selling off more than $5.6 million of their Zapata holdings at peak prices. On October 15, 1998, Zapata disclosed that it would not be pursuing a single one of the acquisitions it had so vigorously touted during the Class Period, and revealed that it had abandoned its Internet strategy. Following these disclosures, Zapata closed at just $6.875 per share.

COMPANY INFORMATION:

Sector: Consumer Non-Cyclical
Industry: Food Processing
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: ZAP
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: S.D. Texas
DOCKET #: 98-CV-3498
JUDGE: Hon. Sim Lake
DATE FILED: 10/21/1998
CLASS PERIOD START: 07/06/1998
CLASS PERIOD END: 10/15/1998
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Berger & Montague PC
    1622 Locust Street, Berger & Montague PC, PA 19103
    800.424.6690 215.875.4604 · investorprotect@bm.net
  2. Emmons & Jackson PC
    3990 Essex Ln at Weslayan. Ste 1116., Emmons & Jackson PC, TX 77027
    713.522.4435 713.527.8850 · info@emmonsjackson.com/
  3. Neligan & Averch
    1717 Main Street Suite 4050, Neligan & Averch, TX 75201
    214.653.4330 ·
  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: S.D. Texas
DOCKET #: 98-CV-3498
JUDGE: Hon. Sim Lake
DATE FILED: 02/16/1999
CLASS PERIOD START: 07/06/1998
CLASS PERIOD END: 10/15/1998
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Berger & Montague PC
    1622 Locust Street, Berger & Montague PC, PA 19103
    800.424.6690 215.875.4604 · investorprotect@bm.net
  2. Emmons & Jackson PC
    3990 Essex Ln at Weslayan. Ste 1116., Emmons & Jackson PC, TX 77027
    713.522.4435 713.527.8850 · info@emmonsjackson.com/
  3. Spector & Roseman, PC
    2000 Market Street, 12th Floor, Spector & Roseman, PC, PA 19103
    215.864.2400 ·
  4. Weiss & Yourman (Los Angeles, CA)
    10940 Wilshire Blvd - 24th Floor, Weiss & Yourman (Los Angeles, CA), CA 90024
    310.208.2800 310.209.2348 · info@wyca.com
No Document Title Filing Date
No Document Title Filing Date