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Case Status:    SETTLED
On or around 10/19/2001 (Date of order of final judgment)

Filing Date: September 13, 1999

By the Order and Final Judgment entered on October 19, 2001, the Court certifies the action as a class action on behalf of all persons who purchased or otherwise acquired the common stock of Harbinger Corp during the period 2/4/98-9/30/98. Further, the Court finds the Stipulation is approved as fair, reasonable and adequate and the class members are to conduct themselves accordingly. The complaint is dismissed with prejudice and without costs against the defendants. Plaintiffs' counsel are awarded the sum of $741,461.00 in fees and $57,567.56 in reimbursement of expenses, said amounts to be paid to plaintiffs' lead counsel from the settlement fund with interest.

According to the Notice of Settlement dated July 19, 2001, the Settlement Fund consists of $2,250,000 in cash, plus interest.

Throughout the Class Period, Harbinger was engaged in the business of providing business-to-business electronic commerce software, services and solutions enabling organizations to transact business and exchange data electronically, either directly over standards telephone lines, via "local" computer networks, or over the Internet. Just prior to the Class Period, the market price of Harbinger common stock was
approximately $25.00 per share. In response to Harbinger's February 4, 1998 announcement of record revenues "despite the myriad integration activities," Harbinger shares rose by $5.50 per share on heavy volume to close at $30.50 on February 5, 1998. On July 7, 1998, Harbinger announced that it would not meet consensus revenue and earnings estimates for the second quarter of 1998 due, in large part, to a delay in shipping at a recently-acquired facility which pushed $1.0 million in revenues from the second to third quarter of 1998. Harbinger also
announced that, "[a]s a result, Harbinger has begun a careful, new review of the integration of its acquisitions." After Harbinger's July 7, 1998 disclosures, its share price fell by $6.25 (29%) from $20.875 per share on July 6 to $14.75 on July 7, 1998. On September 30, 1998, Harbinger issued a press release which announced its restructuring plan to combat operational and integration problems following its numerous corporate acquisitions, the replacement of Defendant, the Company's CEO, the lay-off of 10% of its workforce, and the acknowledgment by Harbinger that it had "kept in existence overlapping products and services from acquired companies (which required) multiple R&D and customer support resources and distracted and diluted the efforts of the Company." After Harbinger's September 30, 1998 announcements, Harbinger shares fell by $3.00 (41%) to close at $4.25 per share on September 30, 1998.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: HRBC
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. Georgia
DOCKET #: 99-CV-2353
JUDGE: Hon. Marvin H. Shoob
DATE FILED: 09/13/1999
CLASS PERIOD START: 02/04/1998
CLASS PERIOD END: 10/01/1998
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Chitwood & Harley LLP
    1230 Peachtree Street, N.E., 2300 Promenade II, Chitwood & Harley LLP, GA 30309
    888.873.3999 404.873.4476 · info@chitwoodlaw.com
  2. Law Offices of Bruce G. Murphy
    265 Llwyds Lane, Law Offices of Bruce G. Murphy, FL 32963
    561.231.4202 ·
  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
No Document Title Filing Date
COURT: N.D. Georgia
DOCKET #: 99-CV-2353
JUDGE: Hon. Marvin H. Shoob
DATE FILED: 03/06/2000
CLASS PERIOD START: 02/04/1998
CLASS PERIOD END: 09/30/1998
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Milberg Weiss Bershad Hynes & Lerach LLP (Boca Raton)
    The Plaza, Suite 900, 5355 Town Center Road, Milberg Weiss Bershad Hynes & Lerach LLP (Boca Raton), FL 33486
    561.361.5000 ·
No Document Title Filing Date