Case Page

 

Case Status:    DISMISSED    
On or around 09/17/1999 (Other)

Filing Date: August 09, 1996

As reported by the Company’s FORM 10-Q For The Quarterly Period Ended December 31, 1999, on September 18, 1997, the District Court dismissed the class-action lawsuit and all related claims. The plaintiffs appealed the dismissal of the action to the U.S. Court of Appeals for the Sixth Circuit. On July 8, 1999, the Court of Appeals affirmed the dismissal of the action by the District Court. The plaintiffs sought a rehearing before the entire Sixth Circuit Court of Appeals, which was denied on August 23, 1999. The plaintiffs did not petition the U.S. Supreme Court to hear an appeal of the dismissal within the required time frame, and the dismissal of the action became final in November, 1999.

The original complaint alleges that Comshare and three of its officers and directors violated the federal securities laws by inflating reported earnings by improperly recognizing revenue that had not been earned. By issuing these allegedly false and misleading quarterly financial results on April 17, 1996, defendants artificially inflated Comshare's stock price throughout the Class Period, allowing one of Comshare's top insiders to sell 39,000 shares of his Comshare stock at $24.60 per share, for proceeds of almost $1 million, before the true facts about Comshare's false financial statements and internal control failures were revealed and Comshare's stock collapsed to as low as $11.62 per share, a 50% decline in one week, thereby damaging plaintiff and other members of the Class who purchased the stock relying on the market price to accurately reflect the company's true value. Four complaints in total were consolidated.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: CSRE
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. Michigan
DOCKET #: 96-CV-73711
JUDGE: Hon. Lawrence P. Zatkoff
DATE FILED: 08/09/1996
CLASS PERIOD START: 04/17/1996
CLASS PERIOD END: 08/06/1996
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Berger & Montague PC
    1622 Locust Street, Berger & Montague PC, PA 19103
    800.424.6690 215.875.4604 · investorprotect@bm.net
  2. Miller Faucher Cafferty & Wexler, LLP
    101 North Main Street - Suite 570, Miller Faucher Cafferty & Wexler, LLP, MI 48104
    734.769.2144 ·
  3. Wolf, Popper, Ross, Wolf & Jones
    845 Third Avenue, Wolf, Popper, Ross, Wolf & Jones, NY 10022-6689
    212-759-4600 ·
No Document Title Filing Date
COURT: E.D. Michigan
DOCKET #: 96-CV-73711
JUDGE: Hon. Lawrence P. Zatkoff
DATE FILED: 12/13/1996
CLASS PERIOD START: 08/02/1995
CLASS PERIOD END: 08/06/1996
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Alan R. Miller, PC
    370 East Maple Road, 4th Floor, Alan R. Miller, PC, MI 48009
    810.644.8910 ·
  2. Berger & Montague PC
    1622 Locust Street, Berger & Montague PC, PA 19103
    800.424.6690 215.875.4604 · investorprotect@bm.net
  3. Miller Faucher Cafferty & Wexler, LLP
    101 North Main Street - Suite 570, Miller Faucher Cafferty & Wexler, LLP, MI 48104
    734.769.2144 ·
  4. Savett Frutkin Podell & Ryan, P.C.

    800.993.3233 · sfprpc@op.net
  5. Wolf Popper, LLP
    845 Third Avenue, Wolf Popper, LLP, NY 10022-6689
    877.370.7703 212.486.2093 · IRRep@wolfpopper.com
  6. Wolf, Popper, Ross, Wolf & Jones
    845 Third Avenue, Wolf, Popper, Ross, Wolf & Jones, NY 10022-6689
    212-759-4600 ·
No Document Title Filing Date
No Document Title Filing Date