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Case Status:    SETTLED
On or around 09/09/2004 (Date of order of final judgment)

Filing Date: October 23, 1997

According to the docket posted, on September 7, 2004, the settlement hearing was held before U.S. District Judge Orinda D. Evans, and on September 9, 2004, the Court entered the Order and Final Judgment approving the settlement. Further, on September 10, 2004, the Court entered the Order awarding plaintiffs’ counsel $6,905.95 in expenses.

By the Notice of Proposed Settlement of Class Action, a Settlement Fund consisting of $550,000 in cash, plus interest, has been established. The Court will hold a Fairness Hearing at 2:00 p.m. on September 7, 2004, at the United States District Court for the Northern District of Georgia, Atlanta Division, Richard B. Russell Federal Building and Courthouse, 75 Spring Street, SW, Atlanta, Georgia 30303, in Courtroom 1908. At this hearing the Court will consider whether the settlement is fair, reasonable and adequate. The Court may also decide how much to pay to Plaintiff’s Class Counsel. After the hearing, the Court will decide whether to approve the settlement.

The original complaint alleges throughout the Class Period defendants failed to
disclose the risks and liabilities assumed by the Company in connection with the transition of its sales force from an inside telesales model to an outside field-based model. Throughout the Class Period, defendants repeatedly failed to disclose the material adverse impact the transition of the sales force could have on the Company's revenues and earnings. Defendants' failure to disclose the risks entailed in undertaking sweeping changes in its sales strategy and staff caused the market price of IQ securities to be artificially inflated during the Class Period.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: IQSW
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. Georgia
DOCKET #: 97-CV-3203
JUDGE: Hon. Orinda D. Evans
DATE FILED: 10/23/1997
CLASS PERIOD START: 05/08/1996
CLASS PERIOD END: 02/03/1997
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abbey Gardy & Squiteri LLP (San Francisco)
    595 Market Street, Suite 2500, Abbey Gardy & Squiteri LLP (San Francisco), CA 94105
    415.538.3725 ·
  2. Chitwood & Harley LLP
    1230 Peachtree Street, N.E., 2300 Promenade II, Chitwood & Harley LLP, GA 30309
    888.873.3999 404.873.4476 · info@chitwoodlaw.com
  3. 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
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