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Case Status:    SETTLED
On or around 12/13/2002 (Date of order of final judgment)

Filing Date: October 23, 1997

According to the company’s 10-K filing dated 04/01/2002, on October 23, 1997, a shareholder, purporting to act on behalf of a class of ICT shareholders filed a complaint in the United States District Court for the Eastern District of Pennsylvania against the Company and certain of its directors. The complaint alleges that the defendants violated the federal securities laws, and seeks compensatory and other damages, including rescission of stock purchases made by the plaintiff and other class members in connection with the Company's initial public offering effective June 14, 1996. The defendants believe the complaint is without merit, deny all of the allegations of wrongdoing and are vigorously defending the suit. On February 2, 1998, the defendants filed a motion to dismiss the complaint. On May 19, 1998, the complaint was dismissed by a judge for the United States District Court for the Eastern District of Pennsylvania with leave to plaintiff to file an amended complaint on narrow accounting allegations. On June 22, 1998, plaintiffs filed a First Amended Class Action
Complaint purporting to bring negligence claims in connection with the Company's initial public offering. The defendants continue to deny all allegations of wrongdoing, believe the amended complaint is without merit and are vigorously defending the suit. On November 3, 1998, the court granted a motion appointing Rowan Klein and Michael Mandat as lead plaintiffs. On February 2, 1999, the court dismissed the case without prejudice, directing that the case remain in status quo, that the statute of limitations be tolled and that the parties continue with discovery and advise the court if assistance by the court is needed. Since that time the defendants filed a motion for summary judgment seeking to have the case dismissed on the grounds that there is no material issue of fact. Plaintiffs filed a response in opposition to defendant's motion and also filed a motion to have the matter certified as a class action.

According to a court docket, the Company and the plaintiffs reached a verbal agreement to settle the litigation. On December 12, 2002, the court gave final approval of the proposed settlement.

COMPANY INFORMATION:

Sector: Services
Industry: Business Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: ICTG
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. Pennsylvania
DOCKET #: 97-CV-6553
JUDGE: Hon. Charles R. Weiner
DATE FILED: 10/23/1997
CLASS PERIOD START: 06/14/1996
CLASS PERIOD END: 10/24/1996
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Finkelstein & Krinsk LLP
    501 West Broadway, Suit 1250, Finkelstein & Krinsk LLP, CA 92101
    877.493.5366 619.238.5425 ·
No Document Title Filing Date
COURT: E.D. Pennsylvania
DOCKET #: 97-CV-6553
JUDGE: Hon. Charles R. Weiner
DATE FILED: 06/22/1998
CLASS PERIOD START: 06/14/1996
CLASS PERIOD END: 10/24/1996
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Finkelstein & Krinsk LLP
    501 West Broadway, Suit 1250, Finkelstein & Krinsk LLP, CA 92101
    877.493.5366 619.238.5425 ·
  2. Trujillo, Rodriguez & Richards, LLC (Cherry Hill)
    20 Brace Road, Trujillo, Rodriguez & Richards, LLC (Cherry Hill), NJ
    ·
No Document Title Filing Date