Case Page

 

Case Status:    DISMISSED    
On or around 06/01/2000 (Other)

Filing Date: February 27, 1998

According to the Company’s FORM 10-Q For the Quarterly Period Ended March 31, 2000, in an opinion dated May 5, 2000, the Court of Appeals affirmed in all respects the orders of the District Court that the plaintiffs had appealed.

As reported by the same SEC filing, the plaintiffs amended the complaint on October 16, 1998. The plaintiffs purport to represent a class of all persons who purchased or otherwise acquired our common stock in the period from April 17, 1997 through March 31, 1998. The amended complaint alleges, among other things, that the defendants knowingly made misstatements to the investing public about the value of our inventory and the nature of the Company’s accounting practices. On December 15, 1998, the Company filed a motion to dismiss the case in its entirety based on the pleadings. The Company’s motion to dismiss was granted without prejudice on May 27, 1999 and the case was closed by the court on June 1, 1999. On June 29, 1999, the plaintiffs filed a motion with the court seeking permission to file a second amended complaint. The Company opposed that motion. On July 13, 1999, the court denied the plaintiffs' motion to amend, noting "final judgment having entered the case." On July 26, 1999, the plaintiffs filed a motion with the court asking the court to extend the 30-day period for filing an appeal of its ruling dismissing the case. The Company opposed that motion as well, and the court denied the motion on August 10, 1999. The plaintiffs filed an appeal with the United States Court of Appeals for the First Circuit requesting that the Court of Appeals reverse each of the orders described above.

The original Complaint charges ACT and certain of its officers with violations of federal securities laws. Plaintiff complains that ACT's results, as reported by defendants, did not accurately reflect ACT's true financial position and results of operations. Late on February 25, 1998, ACT first announced it has postponed reporting fourth- quarter and full-year results, citing a significant inventory shortfall that it expected to have a material impact on operating results. The next day ACT's stock plummeted, losing more than a quarter of its value.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: ACTM
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 #: 98-CV-10364
JUDGE: Hon. Douglas P. Woodlock
DATE FILED: 02/27/1998
CLASS PERIOD START: 10/01/1997
CLASS PERIOD END: 02/25/1998
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Gilman & Pastor LLP (Saugus)
    Stonehill Corporate Center 999 Broadway Suite 500, Gilman & Pastor LLP (Saugus), MA 01906
    781.231.7850 781.231.7840 ·
  2. Lionel Z. Glancy
    1801 Avenue of the Stars Suite 308, Lionel Z. Glancy, CA 90067
    310.201.9150 ·
  3. Moulton & Gans LLP
    133 Federal Street, Moulton & Gans LLP, MA 2110
    617.369.7979 ·
  4. Wechsler Harwood LLP
    488 Madison Avenue 8th Floor, Wechsler Harwood LLP, NY 10022
    212.935.7400 · info@whhf.com
No Document Title Filing Date
COURT: D. Massachusetts
DOCKET #: 98-CV-10364
JUDGE: Hon. Douglas P. Woodlock
DATE FILED: 10/16/1998
CLASS PERIOD START: 04/17/1997
CLASS PERIOD END: 03/31/1998
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Gilman & Pastor LLP (Saugus)
    Stonehill Corporate Center 999 Broadway Suite 500, Gilman & Pastor LLP (Saugus), MA 01906
    781.231.7850 781.231.7840 ·
  2. Moulton & Gans LLP
    133 Federal Street, Moulton & Gans LLP, MA 2110
    617.369.7979 ·
No Document Title Filing Date