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Case Status:    DISMISSED    
On or around 01/21/2000 (Date of order of final judgment)

Filing Date: March 25, 1998

According to the latest docket posted, on January 18, 2000, the Court received a notice of dismissal submitted by the plaintiff. On January 21, 2000, the Court entered the Order by U.S. District Judge Martin J. Jenkins dismissing the case.

Previously, on September 2, 1998, the plaintiffs filed an Amended Complaint, and on October 7, 1998, the defendants responded by filing a motion to dismiss the amended class action complaint. On May 4, 1999, the Court entered the Order by Judge Martin J. Jenkins granting motion to dismiss amended class action complaint with leave to amend the complaint. On August 23, 1999, a First Amended Complaint was filed, and on December 3, 1999, the defendants responded by filing a motion to dismiss the first amended complaint.

The original complaint charges Red Brick Systems Inc. (NMS: REDB) and four of its top officers and directors with violations of the federal securities laws. The complaint alleges that Red Brick improperly recognized revenues, and at the same time improperly deferred expenses, with respect to the December 1996 quarter. Both of these actions violated Generally Accepted Accounting Principles ("GAAP"), according to the complaint. On Jan. 15, 1997, the Company announced record results for the December quarter and 1996. Shortly thereafter, during the Class Period, the four individual defendants, all Company insiders, sold 159,500 shares from their personal holdings, at prices ranging between $22 and $24 per share, for proceeds in excess of $3.6 million. With the April 15, 1997 disclosure of results for the March 1997 quarter, Red Brick's stock fell on heavy trading volume to approximately $6 1/4 per share, nearly 71% below its high during the Class Period.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: REDB
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 #: 98-CV-1206
JUDGE: Hon. Martin J. Jenkins
DATE FILED: 03/25/1998
CLASS PERIOD START: 01/15/1997
CLASS PERIOD END: 04/15/1997
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. Wolf Popper, LLP
    845 Third Avenue, Wolf Popper, LLP, NY 10022-6689
    877.370.7703 212.486.2093 · IRRep@wolfpopper.com
No Document Title Filing Date
COURT: N.D. California
DOCKET #: 98-CV-1206
JUDGE: Hon. Martin J. Jenkins
DATE FILED: 08/23/1999
CLASS PERIOD START: 01/15/1997
CLASS PERIOD END: 04/15/1997
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Berger & Montague PC
    1622 Locust Street, Berger & Montague PC, PA 19103
    800.424.6690 215.875.4604 · investorprotect@bm.net
  2. Milberg Weiss Bershad Hynes & Lerach LLP (S.F., CA)
    100 Pine Street - Suite 2600, Milberg Weiss Bershad Hynes & Lerach LLP (S.F., CA), CA 94111
    415.288.4545 415.288.4534 ·
  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. Wolf Popper, LLP
    845 Third Avenue, Wolf Popper, LLP, NY 10022-6689
    877.370.7703 212.486.2093 · IRRep@wolfpopper.com
No Document Title Filing Date
No Document Title Filing Date