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Case Status:    SETTLED
On or around 10/26/2001 (Date of order of final judgment)

Filing Date: March 25, 1999

On March 11, 2003, the Court entered the Order granting the motion for distribution of class settlement fund. Earlier, on October 26, 2001, the Court entered the Order and Final Judgment by U.S. District Judge Gerard E. Lynch. The settlement was approved as fair, reasonable and adequate, and the complaint was dismissed without prejudice and without costs. Plaintiffs' Counsel was awarded the sum of $5,000,000 in fees and $53,789 in reimbursement of expenses. The case was closed. According to Caribiner International, Inc.’s Form 10-Q for the quarterly period ended September 30, 2001, the Company recorded a settlement amount of $15.0 million paid entirely by the Company's insurance carrier.

The complaint charges Caribiner International of misleading and deceiving its public investors by falsely representing the business impact and success of at least five acquisitions intended to mask internal problems and the sale by insiders of millions of dollars of Caribiner stock. Over a two year period the Company inflated its stock price by disguising the true impact of multiple acquisitions it was unprepared to properly supervise and manage. Once the truth became clear and Caribiner could not integrate the Company's new holdings, its stock price plummeted from more than $27.50 to a current price of approximately $6 a share. The complaint further alleges executives of Caribiner sought to misrepresent to the investment community its ability to manage and capably compliment each acquisition, a fact management was well aware of, but sought instead to communicate a different picture of events.

COMPANY INFORMATION:

Sector: Services
Industry: Business Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: CWC
Company Market: New York 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: S.D. New York
DOCKET #: 99-CV-2271
JUDGE: Hon. Barbara S. Jones
DATE FILED: 03/25/1999
CLASS PERIOD START: 07/12/1997
CLASS PERIOD END: 04/24/1998
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Milberg Weiss Bershad Hynes & Lerach LLP (San Diego, CA)
    600 West Broadway, 1800 One America Plaza, Milberg Weiss Bershad Hynes & Lerach LLP (San Diego, CA), CA 92101
    800.449.4900 · support@milberg.com
  2. Richard D. Kranich
    531 Main Street, Suite 407, Richard D. Kranich, NY 10044-0107
    212.608.8965 ·
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 99-CV-2271
JUDGE: Hon. Barbara S. Jones
DATE FILED: 01/05/2000
CLASS PERIOD START: 07/12/1997
CLASS PERIOD END: 04/24/1998
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Finkelstein & Krinsk LLP
    501 West Broadway, Suit 1250, Finkelstein & Krinsk LLP, CA 92101
    877.493.5366 619.238.5425 ·
  2. Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY)
    One Pennsylvania Plaza, Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY), NY 10119-1065
    212.594.5300 ·
No Document Title Filing Date