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Case Status:    DISMISSED    
On or around 07/16/2004 (Court's order of dismissal)

Filing Date: October 27, 1998

According to a press release dated July 16, 2004, a US District Court judge has dismissed all counts in a multidistrict class action lawsuit alleging securities fraud and other claims against US Office Products and its founder. Plaintiffs seeking to represent classes of shareholders filed the original complaints against US Office Products (USOP) and its founder in 1998, claiming the company had made a series of materially false and misleading statements in violation of Sections 10(b), 14(a) and 20 of the Securities Exchange Act in connection with a major restructuring and stock buy-back completed in June 1998, which included spin-offs of four of the company's divisions. Share prices of USOP and certain of the spin-off companies subsequently faltered, leading to the filing of the class action lawsuits and five other lawsuits brought by individuals who had merged their companies with USOP in 1997. USOP subsequently went into bankruptcy and was liquidated. The Court had dismissed two of the lawsuits brought by individual shareholders in 2003.

As summarized in an article dated December 15, 1999, individuals purporting to represent various classes composed of stockholders who purchased shares of US Office Products common stock between June 5, 1997 and November 2, 1998 filed six actions in the United States District Court for the Southern District of New York and four actions in the United States District Court of the District of Columbia in late 1998 and early 1999. All of these actions have been consolidated and transferred to the United States District Court for the District of Columbia. A consolidated amended complaint was filed on July 29, 1999, naming the Company and the Company's former Chairman and Chief Executive Officer as defendants.

The original Complaint charges that defendants, the founder of USOP and its former Chairman of the Board and Chief Executive Officer, acting on behalf of USOP and in concert with defendant Sands Brothers & Co., Ltd. ("Sands"), a private investment banking and brokerage firm, made a series of materially false and misleading statements in contravention of Sections 10(b), 14(a) and 20 of the Securities Exchange Act. Specifically, defendants' affirmative misrepresentations and omissions were designed to inflate the price of USOP stock prior to consummation of a corporate restructuring (the "Restructuring"), the principal purpose of which was to effectuate a buyback of USOP securities (the "Buyback") owned by the founder of USOP and its former Chairman of the Board and Chief Executive Officer and his financial backers at a significant premium to market. By at least June 1997, Ledecky had devised a scheme to create and manage additional roll-ups in industries other than the office products industry and to extract a significant profit from the USOP roll-up, from which he would step down.

COMPANY INFORMATION:

Sector: Consumer Non-Cyclical
Industry: Office Supplies
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: OFIS
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: D. District Columbia
DOCKET #: 98-CV-7640
JUDGE: Hon. Shirley W. Kram
DATE FILED: 10/27/1998
CLASS PERIOD START: 06/05/1997
CLASS PERIOD END: 09/02/1998
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Lowey, Dannenberg, Bemporad & Selinger, P.C.
    1 North Lexington Avenue, 11th Floor, Lowey, Dannenberg, Bemporad & Selinger, P.C., NY 10601-1714
    914.997.0500 914.997.0035 · ldbs@wesetnet.com
  2. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
  3. Rabin & Peckel LLP
    275 Madison Avenue, 34th Floor, Rabin & Peckel LLP, NY 10016
    212.682.1818 212.682.1892 · email@rabinlaw.com
  4. Schiffrin, Craig & Barroway
    3 Bala Plaza, East, Suite 400, Schiffrin, Craig & Barroway, PA 19004
    610-667-7706 ·
No Document Title Filing Date
COURT: D. District Columbia
DOCKET #: 99-MC-00137
JUDGE: Hon. Shirley W. Kram
DATE FILED: 10/06/1999
CLASS PERIOD START: 06/05/1997
CLASS PERIOD END: 11/02/1998
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cohen, Milstein, Hausfeld & Toll, P.L.L.C. (Washington, DC)
    1100 New York Avenue, N.W., Suite 500, West Tower, Cohen, Milstein, Hausfeld & Toll, P.L.L.C. (Washington, DC), DC 20005
    202.408.4600 202.408.4699 · lawinfo@cmht.com
  2. Finkelstein, Thompson & Loughran
    1050 30th Street, NW, Finkelstein, Thompson & Loughran, DC 20007
    202.337.8000 202.337.8090 · contact@ftllaw.com
  3. Lowey, Dannenberg, Bemporad & Selinger, P.C.
    1 North Lexington Avenue, 11th Floor, Lowey, Dannenberg, Bemporad & Selinger, P.C., NY 10601-1714
    914.997.0500 914.997.0035 · ldbs@wesetnet.com
  4. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
  5. 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
  6. Wolf Popper, LLP
    845 Third Avenue, Wolf Popper, LLP, NY 10022-6689
    877.370.7703 212.486.2093 · IRRep@wolfpopper.com
No Document Title Filing Date
No Document Title Filing Date