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Case Status:    SETTLED
On or around 07/13/2000 (Date of order of final judgment)

Filing Date: May 17, 1999

According to the docket dated January 3, 2002, on July 13, 2000, the Court entered the Judge’s decision granting the motion for final approval of the proposed class action settlement and request for attorney’s fees and expenses. In addition, the Court further entered the Final Judgment and Order of Dismissal by U.S. District Judge Colleen McMahon dismissing the action. The case was closed. Earlier, on March 22, 2000, the Court entered the Order granting the motion to certify class action, preliminarily approving the proposed settlement, approving the form and manner of notice to the members, and providing for a notice of hearing to determine if the settlement should be approved.

In a press release dated February 2, 2000, Candie's, Inc. announced that it has reached a settlement agreement regarding the class action lawsuit filed against the Company and certain of its officers, directors, and former employees. The structure of the settlement includes $4 million in cash and $6 million in common and convertible preferred stock. The Company will apply insurance proceeds towards a part of the cash portion of the settlement. The common stock, with the value of $2 million, will be issued in May 2000. The $4 million of the preferred stock will convert into common shares based on the price of the Company's stock on the first and second anniversary dates of the court approval of the settlement. The settlement agreement is subject to Court approval. The court hearing on approval of the settlement is expected to be conducted in or about May 2000.

The Complaint charges Candie's and certain of its officers and directors with violations of federal securities laws by materially misrepresenting Candie's financial results to the public. The misrepresentations caused Candie's stock price to be artificially inflated. The complaint further alleges that on or around May 12, 1999, Candie's announced that it may restate earnings for fiscal 1998 and the first three quarters of 1999, due to the material overstatement of revenue and earnings. Further, the financial statements could no longer be relied upon, and the Company would not report fiscal 1999 results within the time frame allotted by a previously granted file extension. Following the Candie's disclosure after the close of the market on May 12, 1999, Nasdaq halted trading in Candie's common stock on May 13, 1999.

COMPANY INFORMATION:

Sector: Consumer Cyclical
Industry: Footwear
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: CAND
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: S.D. New York
DOCKET #: 99-CV-3618
JUDGE: Hon. Colleen McMahon
DATE FILED: 05/17/1999
CLASS PERIOD START: 05/28/1997
CLASS PERIOD END: 05/12/1999
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abbey Gardy & Squiteri LLP (San Francisco)
    595 Market Street, Suite 2500, Abbey Gardy & Squiteri LLP (San Francisco), CA 94105
    415.538.3725 ·
  2. Berman DeValerio Pease Tabacco Burt & Pucillo (MA)
    One Liberty Square, Berman DeValerio Pease Tabacco Burt & Pucillo (MA), MA 02109
    617.542.8300 ·
  3. Kaplan Fox & Kilsheimer, LLP (former New York, NY)
    805 Third Avenue, 22nd Floor, Kaplan Fox & Kilsheimer, LLP (former New York, NY), NY 10022
    212.687.1980 212.687.7714 · info@kaplanfox.com
  4. Law Offices of Bruce G. Murphy
    265 Llwyds Lane, Law Offices of Bruce G. Murphy, FL 32963
    561.231.4202 ·
  5. Lionel Z. Glancy
    1801 Avenue of the Stars Suite 308, Lionel Z. Glancy, CA 90067
    310.201.9150 ·
  6. Rabin & Peckel LLP
    275 Madison Avenue, 34th Floor, Rabin & Peckel LLP, NY 10016
    212.682.1818 212.682.1892 · email@rabinlaw.com
  7. 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
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 99-CV-3618
JUDGE: Hon. Colleen McMahon
DATE FILED: 08/24/1999
CLASS PERIOD START: 05/28/1997
CLASS PERIOD END: 05/12/1999
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Kaplan Fox & Kilsheimer, LLP (former New York, NY)
    805 Third Avenue, 22nd Floor, Kaplan Fox & Kilsheimer, LLP (former New York, NY), NY 10022
    212.687.1980 212.687.7714 · info@kaplanfox.com
  2. Law Office of George Donaldson
    456 Montgomery Street Suite 1250, Law Office of George Donaldson, CA 94104
    415.394.8500 ·
No Document Title Filing Date