Case Page

 

Case Status:    SETTLED
On or around 06/15/2001 (Settlement hearing date)

Filing Date: December 17, 1997

According to the firm's FORM 10-K for the fiscal year ended June 30, 2001, two related lawsuits were filed in the U.S. District Court alleging violation of the federal securities laws by the Company and its executive officers. Those suits were consolidated into one combined action that received class certification for a class consisting of the purchasers of the Company’s Common Stock during the period from March 26, 1997 to December 11, 1997. In September 2000, the Company and the plaintiffs agreed to settle the litigation. Under the terms of the settlement, the Company became obligated to pay $435,000 and could elect to make additional cash payments aggregating $1.6 million by January 31, 2002 or issue warrants to purchase an aggregate of one million shares of the Company’s Common Stock at $2.50 per share, valued at $1.6 million. The Company recorded a one-time charge of $2.0 million in the year ended June 30, 2000, to account for the settlement. In April 2001, the Company selected the cash payment option.

The original complaint alleges that defendants repeatedly disseminated false and misleading statements regarding Acres' strategic alliance with International Game Technology ("IGT"), one of the largest manufacturers of slot machines in the world, as well as the current and future business and financial prospects of the Company, thereby artificially inflating Acres' common stock price. The defendants include Acres and certain of its officers and directors and charges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5.

COMPANY INFORMATION:

Sector: Technology
Industry: Computer Peripherals
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: AGAM
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. Nevada
DOCKET #: 97-CV-01848
JUDGE: Hon. Philip M. Pro
DATE FILED: 12/17/1997
CLASS PERIOD START: 03/26/1997
CLASS PERIOD END: 12/11/1997
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Stull, Stull & Brody (New York)
    6 East 45th Street, Stull, Stull & Brody (New York), NY 10017
    310.209.2468 310.209.2087 · SSBNY@aol.com
  2. Weiss & Yourman (New York, NY)
    The French Building, 551 Fifth Ave., Suite 1600, Weiss & Yourman (New York, NY), NY 10126
    212.682.3025 212.682.3010 · info@wyca.com
No Document Title Filing Date
COURT: D. Nevada
DOCKET #: 97-CV-01848
JUDGE: Hon. Philip M. Pro
DATE FILED: 04/28/1998
CLASS PERIOD START: 03/26/1997
CLASS PERIOD END: 12/11/1997
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Stull, Stull & Brody (Los Angeles)
    10940 Wilshire Boulevard - Suite 2300, Stull, Stull & Brody (Los Angeles), CA 90024
    310.209.2468 ·
  2. Weiss & Yourman (Los Angeles, CA)
    10940 Wilshire Blvd - 24th Floor, Weiss & Yourman (Los Angeles, CA), CA 90024
    310.208.2800 310.209.2348 · info@wyca.com
No Document Title Filing Date
No Document Title Filing Date