Case Page

 

Case Status:    SETTLED
On or around 02/28/2002 (Date of order of final judgment)

Filing Date: December 02, 1998

According to the firm's 10-K filing dated April 1, 2002, in March 2001, the Company announced that it reached an agreement in
principle to settle a shareholder securities class action lawsuit that was
pending against the Company and certain of its officers and directors before the
United States District Court for the Eastern District of New York (the "Court").
The lawsuit alleged that the Company and the other defendants violated the
securities laws by making material misstatements and failing to state material
facts about the Company's business and financial condition, among other things,
in securities act filings and public statements. The class of plaintiffs
included all buyers of the Company's stock from April 8, 1998 through February
24, 1999, other than the defendants and certain related parties. The Court
approved the settlement in February 2002. Pursuant to the settlement, the
Company has agreed to pay $26 million, all of which is covered by the Company's
existing insurance.

The Complaint charges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by, among other things, making materially false and misleading statements about the demand for the Company's products and production problems with the Company's new product line, Twinlab TrueHerbs. On November 30, 1998, Twinlab shocked the market by announcing that fourth quarter results would fall far below Wall Street estimates. Following this disclosure, Twinlab common stock plummeted by 28%, to close at just $13 per share on December 1, 1998.

COMPANY INFORMATION:

Sector: Services
Industry: Retail (Drugs)
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: TWLB
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: E.D. New York
DOCKET #: 98-CV-7425
JUDGE: Hon. Arthur D. Spatt
DATE FILED: 12/02/1998
CLASS PERIOD START: 03/17/1998
CLASS PERIOD END: 11/30/1998
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. Bernstein Liebhard & Lifshitz, LLP (New York)
    10 E. 40th Street, 22nd Floor, Bernstein Liebhard & Lifshitz, LLP (New York), NY 10016
    800.217.1522 · info@bernlieb.com
  3. 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
  4. 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: E.D. New York
DOCKET #: 98-CV-7425
JUDGE: Hon. Arthur D. Spatt
DATE FILED: 05/14/1999
CLASS PERIOD START: 04/08/1998
CLASS PERIOD END: 02/24/1999
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. 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 ·
  2. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
No Document Title Filing Date
No Document Title Filing Date