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Case Status:    DISMISSED    
On or around 12/13/1999 (Other)

Filing Date: January 16, 1998

According to the latest docket posted, on December 14, 1999, the Court entered the Order signed by U.S. District Judge Louis C. Bechtle granting the lead plaintiffs’ motion for voluntary dismissal with prejudice pursuant to FRCP 41(a)(2) and 23(e). The consolidated action is dismissed with prejudice and the case closed.

As previously reported by the Company's Form 10-Q for the quarterly period ended June 30, 1999, on June 25, 1998, defendants filed a motion to dismiss the complaint. On December 1, 1998, the Court denied defendants' motion. On December 22, 1998, defendants answered the complaint, denying all liability and raising various affirmative defenses. The Court certified the action as a class action on behalf of all persons who purchased the Company's securities between December 2, 1997 and December 16, 1997. Discovery has been completed. At the conclusion of discovery, plaintiffs' counsel indicated that they would dismiss the action subject to notice to the class and approval by the Court. On August 6, 1999, plaintiffs
filed a motion for approval of class notice and to dismiss the action thirty days after notice is given.

The original complaint charges Centocor and its chief executive officer with violations of Section 10(b) and 20(a) of the Securities Exchange Act of 1934. According to the complaint, during the Class Period, defendants disseminated numerous announcements concerning the signing of a European marketing partner for Avakine in the fourth quarter of 1997 and its corresponding positive effect on the financial results of the company. Plaintiff alleges that these public statements were materially false and misleading because they failed to disclose that Centocor was not and would not be able to sign a European marketing partner and receive an up-front payment of approximately $27 million in the fourth quarter of 1997 and would not be able to achieve earnings of 50 cents a share for fiscal 1997.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Biotechnology & Drugs
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: CNTO
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: E.D. Pennsylvania
DOCKET #: 98-CV-00260
JUDGE: Hon. Louis C. Bechtle
DATE FILED: 01/16/1998
CLASS PERIOD START: 12/02/1997
CLASS PERIOD END: 12/16/1997
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. Bernard M. Gross
    1500 Walnut Street, Suite 600, Bernard M. Gross, PA 19102
    215.561.3600 215.561.3000 · bmgross@BernardMGross.com
  3. Savett Frutkin Podell & Ryan, P.C.

    800.993.3233 · sfprpc@op.net
No Document Title Filing Date
COURT: E.D. Pennsylvania
DOCKET #: 98-CV-00260
JUDGE: Hon. Louis C. Bechtle
DATE FILED: 06/02/1998
CLASS PERIOD START: 12/02/1997
CLASS PERIOD END: 12/16/1997
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. Abbey Gardy, LLP (New York)
    212 East 39th Street, Abbey Gardy, LLP (New York), NY 10016
    212.889.3700 · info@abbeygardy.com
  3. Bernard M. Gross
    1500 Walnut Street, Suite 600, Bernard M. Gross, PA 19102
    215.561.3600 215.561.3000 · bmgross@BernardMGross.com
No Document Title Filing Date