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Case Status:    SETTLED
On or around 05/24/2002 (Date of order of final judgment)

Filing Date: September 10, 1998

On May 24, 2002, U.S. District Judge Daniel T. K. Hurley issued an Order and Final Judgment approving the proposed settlement and the case was closed. Earlier, on December 7, 2000, Judge Hurley granted in part and denied in part the motion to dismiss the second amended complaint against certain Individual Defendants.

According to a Press Release dated 09/11/98, the complaint charges Able Telcom and certain officers and directors of the Company during the relevant time period with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. The complaint alleges that defendants issued a series of materially false and misleading statements concerning Able Telcom's revenues, earnings, financial condition, and growth prospects. Because of the issuance of a series of false and misleading statements, the price of Able Telcom common stock was artificially inflated during the Class Period.

In particular the complaint alleges that, among others things, defendants (i)
failed to timely and fully disclose the financial condition of one of its
acquisitions; (ii) misrepresented that following Able Telcom's acquisition of
MFS Network Technologies, Inc. ("NT") certain key senior executives of NT would stay on to work for Able Telcom when defendants knew that they would not stay on; (iii) failed to timely and fully disclose the dilution of shareholder value due to the Company's issuance of "bottomless" convertible bonds to finance the NT acquisition and (iv) failed to disclose that the Company's financing of the NT acquisition violated Able Telcom's prior debt arrangements, causing the Company to become immediately liable for the repayment of its long term debt.

COMPANY INFORMATION:

Sector: Technology
Industry: Electronic Instruments & Controls
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: ABTE
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: S.D. Florida
DOCKET #: 98-CV-8633
JUDGE: Hon. Daniel T. K. Hurley
DATE FILED: 09/10/1998
CLASS PERIOD START: 12/04/1997
CLASS PERIOD END: 09/01/1998
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Burt & Pucillo LLP
    515 North Flagler Drive, Northbridge Centre, Suite 1701, Burt & Pucillo LLP, FL 33401
    800.349.4612 ·
  2. 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
COURT: S.D. Florida
DOCKET #: 98-CV-8633
JUDGE: Hon. Daniel T. K. Hurley
DATE FILED: 11/01/1999
CLASS PERIOD START: 12/04/1997
CLASS PERIOD END: 09/01/1998
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Berman DeValerio Pease Tabacco Burt & Pucillo (FL)
    515 North Flagler Drive - Suite 1701, Berman DeValerio Pease Tabacco Burt & Pucillo (FL), FL 33401
    561.835.9400 ·
  2. Kaplan Fox & Kilsheimer, LLP (former New York, NY)
    805 Third Avenue, 22nd Floor, Kaplan Fox & Kilsheimer, LLP (former New York, NY), NY 10022
    212.687.1980 212.687.7714 · info@kaplanfox.com
  3. 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
No Document Title Filing Date