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Case Status:    SETTLED
On or around 10/29/1998 (Date of order of final judgment)

Filing Date: October 01, 1996

According to the Order, dated August 26, 1998, by U.S. District Judge Spencer Williams, a settlement plan of allocation and the awarding of fees and expenses is approved. The case is dismissed.

In a Press Release dated 9/17/96, the complaint charges IMP and certain of its officers and directors with violations of the California Corporations, Civil and Business & Professions Codes. IMP is a supplier of analog and mixed signal CMOS integrated circuit solutions. Defendants' positive statements, primarily about the strong demand for and growing backlog of IMP's products, which would lead to strong earnings per share growth in Fiscal 1997, drove IMP's stock from less than $7 per share near the beginning of the Class Period to a Class Period high of $23-1/2 per share in early May 1996. This enabled eight of IMP's insiders to sell 1,196,200 shares of their IMP stock at artificially inflated prices as high as $22.31 per share between May 3, 1996 and May 24, 1996, pocketing over $23.7 million for themselves -- with most of IMP's insiders selling large portions of their holdings of IMP stock, immediately after exercising stock options to acquire the shares at just $.81-$2.25 per share -- thus obtaining large, risk-free profits from insider trading. However, shortly after IMP's insiders had completed their stock sales, it was exposed that poor sales of IMP's products, due to weak demand, would result in IMP suffering declining revenues and earnings, requiring the Company to restructure and fire over 10% of its employees, causing its stock to collapse back below $7 per share.

COMPANY INFORMATION:

Sector: Technology
Industry: Semiconductors
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: IMPXC
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: N.D. California
DOCKET #: 96-CV-20826
JUDGE: Hon. Spencer Williams
DATE FILED: 10/01/1996
CLASS PERIOD START: 04/24/1996
CLASS PERIOD END: 07/22/1996
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. 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
  2. Bernstein Litowitz Berger & Grossmann LLP (Westfield, NJ)
    220 St. Paul Street, Bernstein Litowitz Berger & Grossmann LLP (Westfield, NJ), NJ 07090
    908.928.1700 908.301.9008 · blbg@blbglaw.com
  3. Burt & Pucillo LLP
    515 North Flagler Drive, Northbridge Centre, Suite 1701, Burt & Pucillo LLP, FL 33401
    800.349.4612 ·
  4. 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
  5. Spector Roseman & Kodroff (San Diego)
    1818 Market Street, Suite 2500, Spector Roseman & Kodroff (San Diego), PA 19103
    215.496.0300 215.496.6611 ·
No Document Title Filing Date
COURT: N.D. California
DOCKET #: 96-CV-20826
JUDGE: Hon. Spencer Williams
DATE FILED: 04/04/1997
CLASS PERIOD START: 04/24/1996
CLASS PERIOD END: 07/22/1996
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bernstein Litowitz Berger & Grossmann LLP (New York, NY)
    1285 Avenue of the Americas, 33rd Floor, Bernstein Litowitz Berger & Grossmann LLP (New York, NY), NY 10019
    212.554.1400 212.554.1444 · blbg@blbglaw.com
  2. 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
  3. Spector, Roseman & Kodroff (Philadelphia)
    1818 Market Street; Suite 2500, Spector, Roseman & Kodroff (Philadelphia), PA 19103
    215.496.0300 215.496.6610 · classaction@srk-law.com
  4. Wechsler, Harwood, Halebian & Feffer, LLP
    488 Madison Avenue, Wechsler, Harwood, Halebian & Feffer, LLP, NY
    212.935.7400 10022 ·
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