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Case Status:    SETTLED
On or around 05/21/2003 (Date of order of final judgment)

Filing Date: November 30, 1998

On May 19, 2003, the Court issued the Final Judgment and Order of Dismissal with Prejudice. The settlement, in the amount of $3,440,000 in cash, was approved and the Plaintiffs’ Counsel was awarded 30% of the gross settlement fund and $216,546.55 as reimbursement of expenses.

On March 24, 1998, the Court ordered consolidation of the above-referenced cases for all purposes under 3 :98-CV-2804 (the "Action"). A Consolidated Amended Complaint ("Amended Complaint") was then filed on April 1, 1999, in the Action. On April 5, 1999, Harry Cooper, Dave Griffiths, Clarence Eliason, Ellis Johnson, James Owens, John Nixon, Claudia Leal, Donald Swenson, Dennis Garrison, Sabyasachi Bose and Devon J. Colvin were appointed Lead Plaintiffs and the Court approved their choice of Gilman and Pastor LLP and Shalov Stone & Bonner LLP, as co-lead counsel, and Claxton & Hill, P.C. as liaison counsel. The Defendants filed motions to dismiss the Amended Complaint. While the motions to dismiss were still pending , the Lead Plaintiffs Cooper and Griffiths filed a related case against the accounting firm of Grant Thornton on behalf of the aforementioned proposed class of purchasers of CPS stock for violations of § 11 of the Securities Act of 1933, which was thereafter consolidated for all purposes into the Action' on January 31, 2000. On January 31, 2000, CPS Systems declared bankruptcy and on February 4, 2000, CPS filed a Notice of Chapter 11 Bankruptcy Stay/Suggestion of Bankruptcy. On February 7, 2000, this Action was reassigned to Judge Barbara M.G. Lynn. After oral argument on September 7, 2000, the Court granted Defendants' motions to dismiss the Amended Complaint and the consolidated claims against Grant Thornton, in their entirety, but granted leave to file a Second Amended Complaint against each of the Defendants in the Action. October 30, 2000, Plaintiffs filed their Second Consolidated and Amended Complaint ("Second Amended Complaint"), which included the original set of Defendants and Grant Thornton as to whom a claim had separately been filed. On June 1, 2001, the Court denied Defendants' motions to dismiss the Second Amended Complaint, except as to claims against the Underwriter Defendants brought under § 12(a)(2) of the Securities Act of 1933. The case went into discovery. On December 21, 2001, the Court granted the plaintiffs’ motion for class certification. On February 14, 2003, a Stipulation and Agreement of Settlement was filed. On March 11, 2003, the Court granted the Order preliminarily approving the settlement.

The original complaint alleges that defendants violated Sections 11, 12(2) and 15 of the Securities Act of 1933 and Section 10(b) of the Exchange Act of 1934 by making false and misleading statements in the Prospectus for CPS' initial public offering and in other documents during the Class Period about CPS' revenues and earnings, and by utilizing improper and deceptive accounting practices.

COMPANY INFORMATION:

Sector: Transportation
Industry: Misc. Transportation
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: SYS
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: N.D. Texas
DOCKET #: 98-CV-2804
JUDGE: Hon. A. Joe Fish
DATE FILED: 11/30/1998
CLASS PERIOD START: 03/25/1998
CLASS PERIOD END: 11/04/1998
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Claxton & Hill
    3131 McKinney Ave., Suite 700 LB 103, Claxton & Hill, TX 75204-2471
    214.969.9099 ·
  2. Gilman & Pastor LLP (Saugus)
    Stonehill Corporate Center 999 Broadway Suite 500, Gilman & Pastor LLP (Saugus), MA 01906
    781.231.7850 781.231.7840 ·
  3. Shalov Stone & Bonner LLP
    276 Fifth Avenue, Suite 704, Shalov Stone & Bonner LLP, NY 10001
    212.686.8004 212.686.8005 · lawyer@lawssb.com
  4. Smyser, Kaplan & Veselka
    Bank of America Center, 700 Louisiana, Suite 2300 , Smyser, Kaplan & Veselka, TX 77002
    713.221.2300 713.221.2320. · info@skv.com
No Document Title Filing Date
COURT: N.D. Texas
DOCKET #: 98-CV-2804
JUDGE: Hon. A. Joe Fish
DATE FILED: 10/30/2000
CLASS PERIOD START: 03/25/1998
CLASS PERIOD END: 11/04/1998
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. Shalov Stone & Bonner LLP (New York)
    485 Seventh Avenue, Suite 1000, Shalov Stone & Bonner LLP (New York), NY 10018
    212.239.4340 212.239.4310 · lawyer@lawssb.com
No Document Title Filing Date