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Case Status:    SETTLED
On or around 11/22/2002 (Date of order of final judgment)

Filing Date: April 02, 1999

According to the firm's FORM 10-K For The Fiscal Year Ended December 31, 2002, in April 1999, purported securities class action complaints were filed in the United States District Court for the Northern District of California against the Company and certain of its officers and directors. Each complaint alleges that defendants made false and misleading statements about the Company's business condition and prospects during a purported class period of November 10, 1998 through March 31, 1999, and asserts claims for violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and SEC Rule 10b-5. In July 2002, the Company reached a settlement of the class action complaint. In November 2002, the Court granted final approval of the settlement for $10.1 million. $2.8 million in cash will be covered by the Company's insurance. The $7.3 million balance of the settlement, reflected on the consolidated statement of operations as other non-recurring expense, will be contributed by the Company in common stock or in a combination of common stock and cash at the date of distribution. The final allocation of the contribution will be determined by us at our sole option. Distribution of the settlement is anticipated sometime in mid-2003.

The original Complaint alleges that during the Class Period, the defendants, consisting of Secure Computing and certain of its officers and directors, violated the federal securities laws by issuing false and misleading statements which caused Secure Computing's stock price to be artificially inflated during the Class Period. The Complaint alleges that, in order to allow the Company's top insiders to dispose of their stock valued at more than $6 million, the defendants artificially inflated Secure Computing's stock price to a Class Period high of $28 in January 1999 before the true facts about Secure Computing's dismal operating results and diminishing prospects became known to the public and the stock plummeted to as low as $5 9/16 per share.

COMPANY INFORMATION:

Sector: Technology
Industry: Software & Programming
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: SCUR
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: N.D. California
DOCKET #: 99-CV-01927
JUDGE: Hon. Claudia Wilken
DATE FILED: 04/02/1999
CLASS PERIOD START: 11/10/1998
CLASS PERIOD END: 03/31/1999
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Dyer, Donnelly & Lilly
    825 Logan Street, Dyer, Donnelly & Lilly 80203-3114
    303.861.3003 ·
  2. 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
No Document Title Filing Date
COURT: N.D. California
DOCKET #: 99-CV-01927
JUDGE: Hon. Claudia Wilken
DATE FILED: 08/18/2000
CLASS PERIOD START: 11/10/1998
CLASS PERIOD END: 03/31/1999
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cohen Milstein Hausfeld & Toll PLLC (Seattle WA)
    701 Fifth Avenue, Suite 6860, Cohen Milstein Hausfeld & Toll PLLC (Seattle WA), WA 98014
    206.521.0080 206.521.0166 · lawinfo@cmht.com
  2. Dyer & Shuman, LLP
    801 E. 17th Avenue, Dyer & Shuman, LLP , CO 80218-1417
    303.861.3003 800.711.6483 · info@dyershuman.com
  3. Milberg Weiss Bershad Hynes & Lerach LLP (S.F., CA)
    100 Pine Street - Suite 2600, Milberg Weiss Bershad Hynes & Lerach LLP (S.F., CA), CA 94111
    415.288.4545 415.288.4534 ·
  4. 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
  5. Milberg Weiss Bershad Hynes & Lerach LLP (Seattle, WA)
    1001 Fourth Avenue - Suite 3200, Milberg Weiss Bershad Hynes & Lerach LLP (Seattle, WA), WA 98154
    206.839.0730 ·
No Document Title Filing Date
No Document Title Filing Date