As summarized by the latest docket posted, on April 21, 1999, the plaintiff filed an Amended Complaint, but later filed a Notice of voluntary dismissal on May 26, 2000. On June 27, 2000, the Court entered the Final Order dismissing action with prejudice and the case was closed.
In a press release dated December 3, 1998, Pursuant to Fed. R. Civ. P. 23 and the United States District Court's order dated November 23, 1998, notice is hereby given of the withdrawal of a class action lawsuit against the officers and/or directors or a controlling shareholder of The Home Link Corporation ("Home Link"). The lawsuit, entitled Cooperman v. Reff, et al., 96- 7206-Civ-Gonzales (S.D. Fla.), alleging violations of the federal securities laws, was originally filed on or about October 21, 1996 on behalf of a class consisting of all persons who purchased or otherwise acquired the securities of Home Link between February 22, 1996 and June 10, 1996, inclusive (the "Class Period"). A related, action entitled Crawford v. The Home Link Corp., et al., 96-7397-Civ-Gonzalez (S.D. Fla.), which was consolidated with the Cooperman action, is also being withdrawn.
According to a Press Release dated 11/6/96, among numerous claims alleged in the Complaint to be false and misleading, Home Link claimed to have a "product of the 21st century" which "represent[ed] a new platform in telecommunications and information services." According to defendants, this product was a computer-based video phone referred to as the "Jetson phone" which Home Link was in the process of bringing to market. Throughout the Class Period, defendants made representations to the effect that mass marketing of this product was imminent. According to the Complaint, in truth and fact at all relevant times, Home Link had no product, no market, no sales, no customers, and no licensees. Rather than a well-financed and well-run enterprise, Home Link was a sham causing devastating losses to public investors. Home Link stock, which traded as high as $23.00 per share during the Class Period, now trades at approximately $0.125 per share.
NOTE: According to the complaint, Home Link is a non-party herein because of a stay resulting from the receivership of the Company.
