Case Page

 

Case Status:    SETTLED
On or around 01/27/2005 (Date of order of final judgment)

Filing Date: July 06, 1998

According to the Judgment Order, dated January 20, 2005, U.S. District Judge Thomas C. Platt approved the settlement against defendants McGladrey & Pullen, LLP and awarded fees and expenses. The plaintiff’s counsel was awarded expenses of $50,988.60 and $16,881.50 for amounts reasonably to be incurred in connection with further administration of the settlement. Earlier, on July 7, 2003, the court approved a settlement against Individual Defendants, the directors and officers.
The total of funds available for distribution, pursuant to the two settlements, was
$4,334,000.

The complaint names as defendants certain officers and directors of First Central (“Individual Defendants”) and McGladrey & Pullen, LLP, First Central’s independent auditor, in violation of Section 10(b) of the Securities and Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, as well as common law fraud

Specifically, the complaint claims defendants engaged in a scheme to inflate the financial condition of First Central and its primary operating subsidiary, First Central Insurance Company (“FCIC”). More specifically, the Defendants are allegedly charged with disseminating false and misleading financial statements, press releases and SEC filings concerning FCFC’s publicly reported revenue, assets and earnings prior to and during the Class Period which artificially inflated the price of FCFC stock.

First Central was not named as one of the defendants because on March 5, 1998, the company filed for relief on Chapter 11 of the Bankruptcy Code.

COMPANY INFORMATION:

Sector: Financial
Industry: Insurance (Prop. & Casualty)
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: FCCX
Company Market: American SE
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: E.D. New York
DOCKET #: 98-CV-4573
JUDGE: Hon. Thomas C. Platt
DATE FILED: 07/06/1998
CLASS PERIOD START: 07/06/1995
CLASS PERIOD END: 09/06/1997
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Law Offices of J. James Carriero, Esq.
    29-53 Butler Street, Law Offices of J. James Carriero, Esq., NY 11369
    718.446.8600 · JCarriero@CarrieroLaw.com
No Document Title Filing Date
COURT: E.D. New York
DOCKET #: 98-CV-4573
JUDGE: Hon. Thomas C. Platt
DATE FILED: 01/14/1999
CLASS PERIOD START: 07/06/1995
CLASS PERIOD END: 09/06/1997
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Law Offices of J. James Carriero, Esq.
    29-53 Butler Street, Law Offices of J. James Carriero, Esq., NY 11369
    718.446.8600 · JCarriero@CarrieroLaw.com
  2. Lowey, Dannenberg, Bemporad & Selinger, P.C.
    1 North Lexington Avenue, 11th Floor, Lowey, Dannenberg, Bemporad & Selinger, P.C., NY 10601-1714
    914.997.0500 914.997.0035 · ldbs@wesetnet.com
No Document Title Filing Date