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Case Status:    DISMISSED    
On or around 12/30/2003 (Date of order of final judgment)

Filing Date: February 26, 1999

According to the Order entered on June 16, 2004, U.S. District Judge Laura Taylor Swain denying the plaintiffs' Motion for Reconsideration. The Notice of Motion for Reconsideration was originally filed by the plaintiffs on January 13, 2004, after the Court entered the Clerk’s Judgment, in compliance with the Judge’s Memorandum Opinion and Order, in favor of the defendants and against plaintiffs. The Memorandum Opinion and Order by Judge Laura Taylor Swain was entered on December 29, 2003, granting the defendants’ motion to dismiss the amended complaint with prejudice and without leave to amend.

On July 13, 1999, the Court entered the Order by Judge J.S. Letts granting the motion to change venue to the U.S. District Court for the Southern District of New York. The case was transferred from the U.S. District Court for the Central District of California to the Southern District of New York.

The original complaint charges IMI and certain of its officers, directors, controlling shareholders and its underwriters with violations of the Securities Exchange Act of 1934. Specifically, the complaint alleges that during the Class Period, defendants made false and misleading statements about the successful introduction of, and strong demand for and sales of, IMI's System ESS software product, the success of IMI's joint marketing program with Oracle Corp., IMI's dramatically shortening sales cycle, the successful expansion of IMI's business into European markets and of IMI's direct sales force, all of which they represented would result in F98 and F99 (to end April 30, 1998 and April 30, 1999, respectively) earnings per share ("EPS") of $.34-$.37 and $.46-$.58 for IMI and 40% EPS growth for IMI going forward. These representations artificially inflated IMI's stock to a Class Period high of $33-5/8 and allowed IMI, its insiders and its controlling shareholders to sell or dispose of 10.5 million shares of IMI stock via a October 31, 1997 secondary offering at $20 and open market stock sales at as high as $30.59 for total proceeds of $226.2 million.

COMPANY INFORMATION:

Sector: Technology
Industry: Software & Programming
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: IMIC
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: S.D. New York
DOCKET #: 99-CV-02145
JUDGE: Hon. J. Spencer Letts
DATE FILED: 02/26/1999
CLASS PERIOD START: 08/27/1997
CLASS PERIOD END: 05/05/1998
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Law Offices of Bruce G. Murphy
    265 Llwyds Lane, Law Offices of Bruce G. Murphy, FL 32963
    561.231.4202 ·
  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. Rossbacher & Associates
    444 South Flower Street, Suite 2100, Rossbacher & Associates, CA 90071-2922
    213.895.6500 213.895.6161 · rossbach@SoCa.com
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 99-CV-08761
JUDGE: Hon. J. Spencer Letts
DATE FILED: 08/04/2000
CLASS PERIOD START: 08/27/1997
CLASS PERIOD END: 05/05/1998
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. 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
  2. Rossbacher & Associates
    444 South Flower Street, Suite 2100, Rossbacher & Associates, CA 90071-2922
    213.895.6500 213.895.6161 · rossbach@SoCa.com
No Document Title Filing Date