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Case Status:    SETTLED
On or around 07/16/2003 (Date of order of final judgment)

Filing Date: February 22, 1999

On July 15, 2003, the settlement fairness hearing was held before U.S. District Judge Edward F. Harrington. By the Order and Final Judgment entered on July 22, 2003, the court approved the settlement, the plan of allocation, and awarded plaintiffs’ counsel fees and expenses. Lead Plaintiff Elizabeth Alpert was also awarded reimbursement of costs and expenses in the amount of $1750.00. The Court dismissed the Complaint and the Action with prejudice. Previously, on April 3, 2003, Judge Edward F. Harrington allowed the Stipulation of dismissal of individual defendant, the Company's CEO.

By the Notice of Pendency of Class Action, a hearing is scheduled on July 15, 2003 at 2:00 p.m. to determine: (a) whether for purposes of settlement, the Class should be certified pursuant to Rule 23 of the Federal Rules of Civil Procedure, consisting of purchasers of Lycos common stock between January 4, 1999 and February 9, 1999, inclusive; (b) whether the proposed settlement of the Action, which includes the creation of a settlement fund in the gross amount of $5,675,000 plus interest, is fair, reasonable and adequate and should be approved by the Court; (c) whether an Order and Final Judgment should be entered dismissing all claims in the Action against the Defendants and dismissing the Action with prejudice, and without costs; (d) whether the Plan of Distribution of the Net Settlement Fund should be approved; and (e) whether to award attorneys' fees and expenses requested by Plaintiffs' Counsel

As summarized in the Notice, on July 7, 1999 the Court issued an Order consolidating the actions and appointing Lead Plaintiffs and approving the Lead Plaintiffs' selection of lead counsel. On September 7, 1999, Lead Plaintiffs filed the Complaint. On October 22, 1999, Defendants filed a motion to dismiss the Complaint. On April 5, 2001, the Court issued an order denying Defendants' motion to dismiss. On May 7, 2001, Defendants filed an Answer to the Complaint denying the material allegations set forth therein, and asserting that they did not commit any wrongdoing and that they have no liability whatsoever for the alleged acts or omissions alleged therein. On June 27, 2001, Lead Plaintiffs filed a Motion for Class Certification, seeking an order certifying a class of purchasers of Lycos common stock. Lead Plaintiffs Elizabeth Alpert, Theresa DeAngelo, and Michael Nicolosi, and Defendant Lycos entered a Stipulation and Agreement of Compromise and Settlement, dated March 11, 2003, setting forth the terms and conditions constituting a proposed final settlement of the Action, subject to the approval of the Court. The Parties to the Settlement Agreement and Defendant Robert J. Davis have also entered a Stipulation of Dismissal, dated as of March 11, 2003, to dismiss Davis from this Action without prejudice.

The original Complaint names Lycos and its CEO as defendants, alleging that these parties violated Sections 10(b) and 20(a) of the Exchange Act, as well as SEC Rule 10b-5 promulgated thereunder, by originating a series of materially misleading statements and omissions concerning the Company's intentions to remain an "independent" entity. Specifically, the Complaint alleges that, throughout the Class Period, the defendants repeatedly misrepresented that Lycos would remain an independent company and would not enter into a merger transaction. On February 9, 1999, Lycos announced that it was entering into a merger transaction with USA Networks, Inc. In response to this announcement, Lycos share prices plummeted, falling from a February 8, 1999 close of $127.25 to a February 9, 1999 close of $94.25.

COMPANY INFORMATION:

Sector: Services
Industry: Personal Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: LCOS
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. Massachusetts
DOCKET #: 99-CV-10394
JUDGE: Hon. Edward F. Harrington
DATE FILED: 02/22/1999
CLASS PERIOD START: 01/25/1999
CLASS PERIOD END: 02/09/1999
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
No Document Title Filing Date
COURT: D. Massachusetts
DOCKET #: 99-CV-10394
JUDGE: Hon. Edward F. Harrington
DATE FILED: 09/07/1999
CLASS PERIOD START: 01/21/1999
CLASS PERIOD END: 02/09/1999
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abbey Gardy, LLP (New York)
    212 East 39th Street, Abbey Gardy, LLP (New York), NY 10016
    212.889.3700 · info@abbeygardy.com
  2. Berman DeValerio Pease Tabacco Burt & Pucillo (MA)
    One Liberty Square, Berman DeValerio Pease Tabacco Burt & Pucillo (MA), MA 2109
    617.542.8300 617.230.0903 · info@bermanesq.com
  3. Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY)
    One Pennsylvania Plaza, Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY), NY 10119-1065
    212.594.5300 ·
  4. Moulton & Gans LLP
    133 Federal Street, Moulton & Gans LLP, MA 2110
    617.369.7979 ·
  5. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
No Document Title Filing Date
No Document Title Filing Date