Case Page

 

Case Status:    DISMISSED    
On or around 04/23/1999 (Other)

Filing Date: November 13, 1996

According to NewsEDGE Corporation’s 10-K filing for the fiscal year ended December 31, 1998, on May 27, 1998, the U.S. District Court for the District of Massachusetts dismissed the class action in its entirety. Plaintiffs appealed the dismissal to the U.S. Court of Appeals for the First Circuit. Oral arguments were heard on December 10, 1998. On March 22, 1999, the United States Court of Appeals for the First Circuit entered judgment affirming the District Court's dismissal of the class action.

The original complaint was filed against Individual, Inc., which later merged with Desktop Data, Inc. to form NewsEDGE Corp. The complaint alleged that the company's prospectus (for an initial public offering of the company's common stock) contained material false and misleading statements as well as material omissions that rendered the prospectus false and misleading. In particular, the complaint alleges that the company, under the direction and control to disclose a serious rift between the CEO and Board over the direction of the company and (ii) failed to accurately disclose the company's acquisition strategy. The complaint also alleged that the company's lead underwriters are liable to the proposed class for disseminating a false and misleading prospectus in order to further the public offering of the company's stock. The complaint alleged that the false and misleading statements and omissions were part of a scheme by the defendants to facilitate the company's sale of its common stock and allow an insider to sell a block of stock at an artificially inflated value. After this information was disclosed to the market, the company's stock price allegedly fell by approximately $4 per share. Based on these allegations, the complaint asserts violations of Sections 11, 12(2) and 15 of the Securities Act of 1933. The complaint also asserted violations of Sections 410(a)(2) and 410(b) of the Massachusetts Blue Sky Laws.

COMPANY INFORMATION:

Sector: Technology
Industry: Computer Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: INDV
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. Massachusetts
DOCKET #: 96-CV-12272
JUDGE: Hon. Douglas P. Woodlock
DATE FILED: 11/13/1996
CLASS PERIOD START: 03/15/1996
CLASS PERIOD END: 07/24/1996
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Berman DeValerio Pease Tabacco Burt & Pucillo (MA)
    One Liberty Square, Berman DeValerio Pease Tabacco Burt & Pucillo (MA), MA 2109
    617.542.8300 617.230.0903 · info@bermanesq.com
  2. Faruqi & Faruqi LLP (New York) (former)
    320 East 39th Street, Faruqi & Faruqi LLP (New York) (former), NY 10016
    212.983.9330 212.983.9331 · Nfaruqi@faruqilaw.com
  3. 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
  4. Spector & Roseman, PC
    2000 Market Street, 12th Floor, Spector & Roseman, PC, PA 19103
    215.864.2400 ·
No Document Title Filing Date
COURT: D. Massachusetts
DOCKET #: 96-CV-12272
JUDGE: Hon. Douglas P. Woodlock
DATE FILED: 02/28/1997
CLASS PERIOD START: 03/15/1996
CLASS PERIOD END: 07/24/1996
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Berman DeValerio Pease Tabacco Burt & Pucillo (MA)
    One Liberty Square, Berman DeValerio Pease Tabacco Burt & Pucillo (MA), MA 2109
    617.542.8300 617.230.0903 · info@bermanesq.com
  2. Faruqi & Faruqi LLP (New York) (former)
    320 East 39th Street, Faruqi & Faruqi LLP (New York) (former), NY 10016
    212.983.9330 212.983.9331 · Nfaruqi@faruqilaw.com
  3. Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY)
    One Pennsylvania Plaza, Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY), NY 10119-1065
    212.594.5300 ·
  4. Spector & Roseman, PC
    2000 Market Street, 12th Floor, Spector & Roseman, PC, PA 19103
    215.864.2400 ·
No Document Title Filing Date