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Case Status:    DISMISSED    
On or around 03/26/2002 (Other)

Filing Date: January 21, 1998

According to the latest docket posted, on March 26, 2002, the Court entered the certified copy of the Order from the U.S. Court Appeals, Second Circuit, dismissing the appeal.

As previously reported by the Company’s FORM 10-Q for the quarterly period ended September 30, 2001, the Company's motion to dismiss the complaint was granted with leave to amend in April 2000. The plaintiffs subsequently filed an amended complaint in July 2000, and the Company again filed a motion to dismiss. In September 2001, the motion to dismiss the amended complaint was granted with prejudice, and the plaintiffs appealed that decision to the Ninth Circuit Court of Appeals in October 2001.

The original complaint alleges that throughout the Class Period, defendants represented to the investing public that the present and future business and financial prospects of the Company were not only stable but in a stage of explosive growth so that defendants could sell over $34,590,000 of their own holdings in the Company at artificially inflated prices. The complaint further alleges that defendants were only able to exceed analysts' earnings estimates and report quarter-to-quarter earnings growth by failing to take required write-offs associated with accounts receivable and obsolete technology which were required for a proper representation of the Company's operating results. As a result of defendants' false and misleading statements and/or omissions, Adaptec's stock traded as high as $53 3/16 per share during the Class Period. On Jan. 8, 1998, Adaptec ultimately revealed to the financial community it would suffer an enormous revenue shortfall for its third quarter ended Dec. 31, 1997. As a result of these disclosures, the price of Adaptec common stock plummeted from $35 15/16, on January 8, 1998, to $21 9/16 on January 9, 1998 on volume of 26,982,700 shares -- a drop of 40% in one day and a drop of approximately 60% from the stock's high of $53 3/16 on October 7, 1997.

COMPANY INFORMATION:

Sector: Technology
Industry: Communications Equipment
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: ADPT
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 #: 98-CV-00224
JUDGE: Hon. Charles A. Legge
DATE FILED: 01/21/1998
CLASS PERIOD START: 04/29/1997
CLASS PERIOD END: 01/08/1998
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. 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
  3. Spector Roseman & Kodroff (San Diego)
    1818 Market Street, Suite 2500, Spector Roseman & Kodroff (San Diego), PA 19103
    215.496.0300 215.496.6611 ·
No Document Title Filing Date
COURT: N.D. California
DOCKET #: 98-CV-00224
JUDGE: Hon. Charles A. Legge
DATE FILED: 07/14/2000
CLASS PERIOD START: 04/29/1997
CLASS PERIOD END: 01/08/1998
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. 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 ·
  3. Spector Roseman & Kodroff (San Diego)
    1818 Market Street, Suite 2500, Spector Roseman & Kodroff (San Diego), PA 19103
    215.496.0300 215.496.6611 ·
No Document Title Filing Date
No Document Title Filing Date