Case Page

 

Case Status:    DISMISSED    
On or around 09/20/2005 (Other)

Filing Date: November 02, 1998

On September 20, 2005, the Court entered the Mandate from the Ninth Circuit Court of Appeals. According to the Mandate, the judgment of the district court was affirmed.

According to the Order and Judgment entered February 24, 2003, U.S. District Judge Stephen V. Wilson adjudged that the plaintiffs take nothing, that the action be dismissed on the merits and that the defendants recover of the plaintiffs their costs of action terminating the case. The court therefore grants defendants’ motion for summary judgment on the grounds that plaintiffs will be unable to carry their burden of proof of trial on the elements of material misrepresentation or omissions, causation and damages. A Notice of Appeal was later filed by the plaintiffs and the case is currently pending in the Ninth Circuit Court of Appeals.

The complaint charges certain officers and directors of Southern Pacific and its controlling shareholder, Imperial Credit Industries, Inc., with violations of the Securities Exchange Act of 1934. It has been expanded from the original lawsuit to cover the period through September 30, 1998, and to cover all Southern Pacific securities. Specifically, the complaint alleges that defendants issued a series of false and misleading statements about Southern Pacific's earnings, profitability and business condition and issued financial statements during the Class Period that were materially false and misleading and violated Generally Accepted Accounting Principles, thereby misleading investors regarding Southern Pacific's true financial condition and then-current financial performance. As a result, the prices of Southern Pacific's securities were artificially inflated during the Class Period, causing its stock price to jump to as high as $18 per share.

A similar, purported class action complaint was also filed in the U.S. District Court for the Eastern District of Wisconsin. That action was later transferred to the Central District of California.

COMPANY INFORMATION:

Sector: Financial
Industry: Money Center Banks
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: SFC
Company Market: New York SE
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: C.D. California
DOCKET #: 98-CV-08842
JUDGE: Hon. Dickran Tevrizian
DATE FILED: 11/02/1998
CLASS PERIOD START: 01/29/1998
CLASS PERIOD END: 09/14/1998
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Glancy Binkow & GoldBerg LLP
    1925 Century Park East, Suite 2100, Glancy Binkow & GoldBerg LLP, CA 90067
    310-201-9150 · info@glancylaw.com
  2. Jeffrey & Dreher (former)
    225 Broadway, 19th Fl., Jeffrey & Dreher (former), CA 92101
    619.230.8828 ·
  3. Lionel Z. Glancy
    1801 Avenue of the Stars Suite 308, Lionel Z. Glancy, CA 90067
    310.201.9150 ·
  4. Murray, Frank & Sailer LLP
    275 Madison Ave 34th Flr, Murray, Frank & Sailer LLP, NY 10016
    212.682.1818 212.682.1892 · email@murrayfrank.com
  5. Rabin & Peckel LLP
    275 Madison Avenue, 34th Floor, Rabin & Peckel LLP, NY 10016
    212.682.1818 212.682.1892 · email@rabinlaw.com
  6. Reinhardt & Anderson
    E 1000 First Bank Bldg - 332 Minnesota Street, Reinhardt & Anderson, MN 55101
    651.227.9990 ·
  7. Wolf Haldenstein Adler Freeman & Herz LLP (New York)
    270 Madison Avenue, Wolf Haldenstein Adler Freeman & Herz LLP (New York), NY 10016
    212.545.4600 212.686.0114 · newyork@whafh.com
No Document Title Filing Date
COURT: C.D. California
DOCKET #: 98-CV-08842
JUDGE: Hon. Dickran Tevrizian
DATE FILED: 02/09/2001
CLASS PERIOD START: 01/29/1998
CLASS PERIOD END: 09/14/1998
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Gibson, Dunn & Crutcher LLP
    200 Park Avenue, 48th Floor, Gibson, Dunn & Crutcher LLP, NY 10166
    212.351.3811 212.351.6290 · info@gdclaw.com
  2. Glancy Binkow & GoldBerg LLP
    1925 Century Park East, Suite 2100, Glancy Binkow & GoldBerg LLP, CA 90067
    310-201-9150 · info@glancylaw.com
  3. Jeffrey & Dreher (former)
    225 Broadway, 19th Fl., Jeffrey & Dreher (former), CA 92101
    619.230.8828 ·
  4. Murray, Frank & Sailer LLP
    275 Madison Ave 34th Flr, Murray, Frank & Sailer LLP, NY 10016
    212.682.1818 212.682.1892 · email@murrayfrank.com
  5. Rabin & Peckel LLP
    275 Madison Avenue, 34th Floor, Rabin & Peckel LLP, NY 10016
    212.682.1818 212.682.1892 · email@rabinlaw.com
  6. Reinhardt & Anderson
    E 1000 First Bank Bldg - 332 Minnesota Street, Reinhardt & Anderson, MN 55101
    651.227.9990 ·
  7. Wolf Haldenstein Adler Freeman & Herz LLP (New York)
    270 Madison Avenue, Wolf Haldenstein Adler Freeman & Herz LLP (New York), NY 10016
    212.545.4600 212.686.0114 · newyork@whafh.com
No Document Title Filing Date
No Document Title Filing Date
No Document Title Filing Date