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Case Status:    SETTLED
On or around 11/20/2002 (Date of order of final judgment)

Filing Date: July 02, 1998

On November 18, 2002, U.S. District Judge Jeremy Fogel granted the motions for attorney fees and reimbursement of expenses, final approval of the settlement, and the plan of allocation. The action was dismissed with prejudice. According to AFC’s Form 10-K For the fiscal year ended December 31, 2002, the total amount of the settlement was $20.0 million, $2.9 million of which was not funded by insurance.

The original complaint charges
Advanced Fibre with misleading their investors with false information about the company's financial condition and prospects. The defendants publicly represented that GTE Communications Systems Corporation was their biggest client and largely responsible for Advanced Fibre's substantial growth in earnings and revenue. However, they failed to disclose that they had lost the GTE contract and thereafter sales to GTE were winding down. In addition, Advanced Fibre provided misleading information regarding their operations, success, and growth prospects in China and the domestic success achieved while courting the Regional Bell Operating Companies. As a result, common stock value was inflated and high level executives were able to pocket over $100 million in proceeds. On June 30, 1998, when it was revealed that the information provided to investors was misleading, and that sales and earnings would be "below expectations, common stock value plummeted 52%."

COMPANY INFORMATION:

Sector: Technology
Industry: Communications Equipment
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: AFCI
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-20697
JUDGE: Hon. Jeremy Fogel
DATE FILED: 07/02/1998
CLASS PERIOD START: 06/03/1997
CLASS PERIOD END: 06/30/1998
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Barrack, Rodos & Bacine (San Diego - former)
    402 West Broadway , Barrack, Rodos & Bacine (San Diego - former), CA 92101
    619.230.0800 619.230.1874 · info@barrack.com
  2. Bernstein Liebhard & Lifshitz, LLP (New York)
    10 E. 40th Street, 22nd Floor, Bernstein Liebhard & Lifshitz, LLP (New York), NY 10016
    800.217.1522 · info@bernlieb.com
  3. Bernstein Litowitz Berger & Grossmann LLP (former San Diego)
    12544 High Bluff Drive, Suite 150, Bernstein Litowitz Berger & Grossmann LLP (former San Diego), CA 92130
    858.793.0070 858.793.0323 · blbg@blbglaw.com
  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. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
  6. Schoengold & Sporn PC (New York)
    233 Broadway 39Th Floor, Schoengold & Sporn PC (New York), NY 10279
    212.964.0046 ·
  7. Wohl & Entwistle LLP
    330 Madison Avenue, Wohl & Entwistle LLP, NY 10017
    212.867.1030 ·
  8. Wolf Popper, LLP
    845 Third Avenue, Wolf Popper, LLP, NY 10022-6689
    877.370.7703 212.486.2093 · IRRep@wolfpopper.com
No Document Title Filing Date
COURT: N.D. California
DOCKET #: 98-CV-20697
JUDGE: Hon. Jeremy Fogel
DATE FILED: 07/02/2001
CLASS PERIOD START: 03/25/1997
CLASS PERIOD END: 06/30/1998
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bernstein Litowitz Berger & Grossmann LLP (Westfield, NJ)
    220 St. Paul Street, Bernstein Litowitz Berger & Grossmann LLP (Westfield, NJ), NJ 07090
    908.928.1700 908.301.9008 · blbg@blbglaw.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
No Document Title Filing Date
No Document Title Filing Date