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Case Status:    SETTLED
On or around 04/27/1998 (Date of order of final judgment)

Filing Date: March 24, 1997

As reported by the firm's FORM 10-Q For The Quarterly Period Ended June 30, 1998, on April 20, 1998, the United States District Court granted final approval of the
Settlement. The Settlement was subject to appeal prior to May 20, 1998. As there were no appeals, the state court action was dismissed with prejudice pursuant to the agreement with the parties.

According to the same SEC filing, by a Memorandum of Understanding dated August 8, 1997, which has been commemorated in a Stipulation of Settlement executed on behalf of defendants on January 13, 1998 (the "Settlement"), the Company reached preliminary agreement to settle both actions. Pursuant to the Settlement, Director and Officer Liability Insurers contributed $7.5 million to a settlement fund, the Company has contributed $500,000 to a settlement fund, and the Company assumed responsibility for attorneys fees it incurred in the action. The Settlement provided that a class be certified for purposes of all Purchasers of the Company's American Depository Shares from November 14, 1995 to February 27, 1997. The Company and its former and current officers, directors, and employees were released from claims brought in the actions by the settlement class.

The original complaint charged Insignia and certain of its officers and directors with violations of the federal securities laws. The violations involved massive insider trading by defendants who had access to the true but undisclosed adverse information about Insignia. During the Class Period, and as part of the scheme, the alleged defendants collectively sold 3.6 million ADSs to the public at an artificially inflated price of $12 per share, including some $20 million of ADSs sold by Insignia insiders. Thereafter, the defendants are alleged to have artificially inflated the price of Insignia's ADSs by making false and misleading statements to securities analysts and others and by falsifying Insignia's financial statements before the truth came out and the price of Insignia's ADSs collapsed to $2-1/2 on February 27, 1997.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: INSGY
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 #: 97-CV-20265
JUDGE: Hon. James Ware
DATE FILED: 03/24/1997
CLASS PERIOD START: 11/14/1995
CLASS PERIOD END: 02/26/1997
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. Weiss & Yourman (New York, NY)
    The French Building, 551 Fifth Ave., Suite 1600, Weiss & Yourman (New York, NY), NY 10126
    212.682.3025 212.682.3010 · info@wyca.com
No Document Title Filing Date
COURT: N.D. California
DOCKET #: 97-CV-20265
JUDGE: Hon. James Ware
DATE FILED: 02/10/1998
CLASS PERIOD START: 11/14/1995
CLASS PERIOD END: 02/26/1997
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bernstein Liebhard & Lifshitz, LLP (New York)
    10 E. 40th Street, 22nd Floor, Bernstein Liebhard & Lifshitz, LLP (New York), NY 10016
    800.217.1522 · info@bernlieb.com
  2. 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
  3. Weiss & Yourman (New York, NY)
    The French Building, 551 Fifth Ave., Suite 1600, Weiss & Yourman (New York, NY), NY 10126
    212.682.3025 212.682.3010 · info@wyca.com
No Document Title Filing Date