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Case Status:    SETTLED
On or around 03/08/1999 (Date of order of final judgment)

Filing Date: March 14, 1997

According to the Company’s FORM 10-Q For The Period Ended March 31, 1999, in March 1997, a shareholder filed a lawsuit against the Company and four of its current or former officers and directors, styled MURRAY V. RIDE, INC. ET AL. The lawsuit alleges violations of certain federal securities laws and state laws, and purports to seek unspecified monetary damages on behalf of a class of shareholders who purchased the Company's common stock during the period of August 10, 1995 through December 30, 1996. In August 1998, the Company, together with the individually named defendants, entered into a Memorandum of Understanding with the plaintiffs in the lawsuit, wherein the parties have agreed to settle the lawsuit upon the following principal terms: (1) a settlement fund will be created consisting of: (a) $3,000,000 cash paid by the Company's insurance carrier; and (b) warrants to purchase 600,000 shares of the Company's Common Stock, exercisable for a four year period ending December 31, 2002 at a price of $3.00 per share; and (2) the dismissal of the lawsuit against all named defendants with prejudice. The Memorandum of Understanding has been reduced to a Stipulation of Settlement, which received final approval of the Court on March 8, 1999.

The original Complaint brings claims under the Federal Securities Laws (Section 10 (b), Rule 10b-5 and Section 20 (a), State Securities Laws (RCW 21.10.010 et seq.) Consumer Protection Law (RCW 19.86.020 et seq.) and State Common Law (Negligent Misrepresentation). Specifically, the complaint alleges that during the class period, the defendants Ride and certain of its officers and directors issued incorrect financial and business information about Ride, through material misstatements and omissions of material facts about Ride, its finances, performance, and future business prospects. The complaint further alleges that this caused the market price of Ride common stock to be artificially inflated, and caused purchasers to pay too much for Ride common stock.

COMPANY INFORMATION:

Sector: Consumer Cyclical
Industry: Recreational Products
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: RIDE
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: W.D. Washington
DOCKET #: 97-CV-00402
JUDGE: Hon. Thomas S. Zilly
DATE FILED: 03/14/1997
CLASS PERIOD START: 08/10/1995
CLASS PERIOD END: 12/30/1996
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. Cohen Milstein Hausfeld & Toll PLLC (Seattle WA)
    701 Fifth Avenue, Suite 6860, Cohen Milstein Hausfeld & Toll PLLC (Seattle WA), WA 98014
    206.521.0080 206.521.0166 · lawinfo@cmht.com
  3. Lopez & Fantel

    ·
  4. Weinstein, Kitchenoff, Scarlato & Goldman
    1608 Walnut Street, Suite 1400, Weinstein, Kitchenoff, Scarlato & Goldman, PA 19103
    215.545.7200 215.545.6535 · info@wksg.com
No Document Title Filing Date
COURT: W.D. Washington
DOCKET #: 97-CV-00402
JUDGE: Hon. Thomas S. Zilly
DATE FILED: 09/04/1997
CLASS PERIOD START: 08/10/1995
CLASS PERIOD END: 12/30/1996
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. Cohen Milstein Hausfeld & Toll PLLC (Seattle WA)
    701 Fifth Avenue, Suite 6860, Cohen Milstein Hausfeld & Toll PLLC (Seattle WA), WA 98014
    206.521.0080 206.521.0166 · lawinfo@cmht.com
  3. Cohen, Milstein, Hausfeld & Toll, P.L.L.C. (Washington, DC)
    1100 New York Avenue, N.W., Suite 500, West Tower, Cohen, Milstein, Hausfeld & Toll, P.L.L.C. (Washington, DC), DC 20005
    202.408.4600 202.408.4699 · lawinfo@cmht.com
  4. Lopez & Fantel

    ·
  5. Weinstein, Kitchenoff, Scarlato & Goldman
    1608 Walnut Street, Suite 1400, Weinstein, Kitchenoff, Scarlato & Goldman, PA 19103
    215.545.7200 215.545.6535 · info@wksg.com
No Document Title Filing Date