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Case Status:    SETTLED
On or around 01/08/2002 (Date of order of final judgment)

Filing Date: March 22, 1999

According to Little Switzerland, Inc.’s Form 10-K for the fiscal year ended May 25, 2002, the Company recorded a settlement amount of $1.05 million which was paid from the proceeds of the Company's existing insurance coverage.

On June 6, 2002, the Court entered the Order by U.S. District Judge Sue L. Robinson granted the motion for Order Authorizing the Distribution of the Net Settlement to the Class Members. Earlier, on March 21, 2002, the Court entered the Order granting in part and denying in part the motion to Dismiss First Amended Complaint. A Stipulation and Agreement of Compromise, Settlement, and Release was later filed on October 23, 2001. Then, on January 8, 2002, the Court entered the Order approving the proposed settlement, finding it fair, reasonable, and adequate. Plaintiffs’ counsel was awarded 33 1/3% of the settlement fund and reimbursement of expenses in the amount of $27,105.54, plus interest earned. The Court entered the Final Judgment of Judge Sue L. Robinson dismissing the action with prejudice and the case was closed.

The original complaint alleges on or about February 4, 1998, defendants represented that DRHC had obtained a firm financing commitment to purchase Little Switzerland's shares at a price of $8.10 each. However, each of the defendants knew, but failed to disclose, that the financing commitment would expire on April 30, 1998, before Little Switzerland's shareholders were scheduled to vote to approve the merger at their May 8, 1998 Special Meeting of Shareholders. Defendants concealed this expiration of DRHC's financing until after the close of the markets on May 4, 1998. On May 5, 1998, after it was revealed that the financing commitment had expired, and that the lender did not intend to extend or renew it, Little Switzerland's stock dropped from its previous closing price of $7.953 to close at $5.688, a decline of over 28%, on unusually high volume of 562,200 shares.

COMPANY INFORMATION:

Sector: Consumer Cyclical
Industry: Jewelry & Silverware
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: LSVIC
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. Delaware
DOCKET #: 99-CV-00176
JUDGE: Hon. Murray M. Schwartz
DATE FILED: 03/22/1999
CLASS PERIOD START: 02/05/1998
CLASS PERIOD END: 05/04/1998
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Rosenthal, Monhait, Gross & Goddess, P.A.
    Suite 1401, Mellon Bank Center, PO Box 1070, Rosenthal, Monhait, Gross & Goddess, P.A., DE 19899-0170
    302.656.4433 (302) 658-7567 ·
  2. Schubert & Reed LLP
    Two Embarcadero Center, Suite 1050, Schubert & Reed LLP, CA 94111
    415.788.4220 415.788.0161 · mail@schubert-reed.com
No Document Title Filing Date
COURT: D. Delaware
DOCKET #: 99-CV-00176
JUDGE: Hon. Murray M. Schwartz
DATE FILED: 11/16/1999
CLASS PERIOD START: 02/05/1998
CLASS PERIOD END: 05/04/1998
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Rosenthal, Monhait, Gross & Goddess, P.A.
    Suite 1401, Mellon Bank Center, PO Box 1070, Rosenthal, Monhait, Gross & Goddess, P.A., DE 19899-0170
    302.656.4433 (302) 658-7567 ·
No Document Title Filing Date