Case Page

 

Case Status:    DISMISSED    
On or around 10/27/1998 (Other)

Filing Date: May 14, 1997

On October 27, 1998, the parties filed the Stipulation and Order of Settlement providing for the complaint to be dismissed with prejudice as to the claims of named plaintiff Carol E. Tafuri, trustee for the Joseph C. and Carol E. Tafuri Trust, and without prejudice as to the claims of the putative class members. The Stipulation is approved terminating the case.

The original complaint was filed alleging violations of Sections 10(b) and 20 of the Securities Exchange Act of 1934 by, among other things, misrepresenting material information concerning the Company's Long-Term Incentive Plan (the "Plan"). The Company concealed the fact that plaintiff and the class would forfeit their stock options upon death, disability or retirement. In contrast to the harsh forfeiture policy imposed upon plaintiff and the class, defendants' stated practice was to permit executive officers, including the chief executive
officer, to exercise their options upon death, disability or retirement. Plaintiff alleges that because of Defendants' actions, Plaintiff and the Class have lost and continue to lose thousands of shares of valuable stock options, which they relied upon in planning for their financial future.

NOTE: This action was on behalf of all former and "key employees" as of May 14, 1997 and other individuals whose Nonstatutory Stock Options granted pursuant to the Company's Long Term Incentive Plan (the "Plan") were "forfeited" due to death, disability or retirement.

COMPANY INFORMATION:

Sector: Basic Materials
Industry: Chemical Manufacturing
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol:
Company Market: Privately Traded
Market Status: Privately Held

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 #: 97-CV-03413
JUDGE: Hon. Robert S. Gawthorp, III
DATE FILED: 05/14/1997
CLASS PERIOD START: 12/29/1993
CLASS PERIOD END: 05/13/1997
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. Jeffrey & Dreher (former)
    225 Broadway, 19th Fl., Jeffrey & Dreher (former), CA 92101
    619.230.8828 ·
No Document Title Filing Date