Case Page

 

Case Status:    DISMISSED    
On or around 01/22/2001 (Date of order of final judgment)

Filing Date: October 21, 1998

According to the docket, on January 22, 2001, U.S. District Judge Reginald C. Lindsay issued a Memorandum and Order granting the defendants' motion to dismiss the consolidated amended class action complaint. The day, the Court entered the Judgment of Dismissal and the case was closed.

The original complaint charges that defendants Galileo and certain of its officers and directors violated Section 10(b) and Section 20(a) of the Securities Exchange Act of 1934 by materially misleading Galileo shareholders through the omission of material facts and dissemination of materially false and misleading information throughout the Class Period. As alleged in the Complaint, the defendants conspired to conceal material adverse information regarding ongoing negotiations with the U.S. Department of Defense which sought to restrict the export of certain of the Company's products. Furthermore, the lawsuit charges that, during the Class Period, Galileo improperly failed to write-down certain receivables and assets, and improperly continued to book large sales to customers it knew or should have known would not be able to pay. On July 24, 1998, Galileo shocked the market when it revealed that the Company would report a loss in its 1998 third quarter. In substantial part, this loss related to a charge being taken as a result of the Company's previous failure to write-down assets and the improper recording of revenues, as well as its inability to export certain products as directed by the U.S. Department of Defense. The market reacted swiftly as shares in Galileo's stock plummeted 64% to close at $3 on July 24, 1998, as compared with the previous day's close of $8.25 -- a single day loss of over $42 million in market capitalization. Plaintiff seeks to recover damages on behalf of class members.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: GAEO
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-12129
JUDGE: Hon. Reginald C. Lindsay
DATE FILED: 10/21/1998
CLASS PERIOD START: 04/28/1998
CLASS PERIOD END: 07/23/1998
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Berman DeValerio Pease Tabacco Burt & Pucillo (MA)
    One Liberty Square, Berman DeValerio Pease Tabacco Burt & Pucillo (MA), MA 2109
    617.542.8300 617.230.0903 · info@bermanesq.com
  2. Burt & Pucillo LLP
    515 North Flagler Drive, Northbridge Centre, Suite 1701, Burt & Pucillo LLP, FL 33401
    800.349.4612 ·
  3. Moulton & Gans LLP
    133 Federal Street, Moulton & Gans LLP, MA 2110
    617.369.7979 ·
  4. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date
COURT: D. Massachusetts
DOCKET #: 98-CV-12129
JUDGE: Hon. Reginald C. Lindsay
DATE FILED: 06/21/1999
CLASS PERIOD START: 04/28/1998
CLASS PERIOD END: 07/23/1998
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Berman DeValerio Pease Tabacco Burt & Pucillo (MA)
    One Liberty Square, Berman DeValerio Pease Tabacco Burt & Pucillo (MA), MA 2109
    617.542.8300 617.230.0903 · info@bermanesq.com
  2. Moulton & Gans LLP
    133 Federal Street, Moulton & Gans LLP, MA 2110
    617.369.7979 ·
No Document Title Filing Date