Case Page

 

Case Status:    SETTLED
On or around 02/11/1999 (Date of order of final judgment)

Filing Date: March 19, 1997

According to the firm's FORM 10-K for the fiscal year ended December 31, 1998, on May 27, 1997, this complaint and five other similar complaints were consolidated into a single action entitled "In re Consolidated Delivery & Logistics, Inc. Securities Litigation." On July 16, 1997, the Company and the underwriter defendants filed a motion to dismiss the complaint. In response, the plaintiffs filed an amended complaint on October 20, 1997. A motion to dismiss the amended complaint was filed by the Company and the underwriter defendants on December 15, 1997. The motion was denied on May 11, 1998. On October 7, 1998 a Stipulation and Agreement of Settlement (the "Settlement Agreement") was entered into by the parties providing for a Settlement Fund of $1.5 million. The Court issued a preliminary order approving the terms of the settlement on October 19, 1998. Mailing of Notice and Proof of Claims to class members under the terms of the Settlement Agreement was completed by October 23, 1998. The Court issuedan Order and Final Judgement formally approving the settlement on February 11, 1999. The Plaintiff's time to appeal the Order and Judgement expired on March 15, 1999 and this matter is now concluded.

The original Complaint charged CDLI, certain of its officers and directors, and the underwriters for the Company's November 21, 1995 initial public offering with violating the federal securities laws. The plaintiff claimed that defendants misrepresented and concealed material facts concerning the Company's financial results, including that the Prospectus for the Offering contained materially false and misleading financial statements, did not disclose the numerous problems confronting the Company's integration and expansion plans at the time of the Offering and failed to disclose that the Company's financial statements were not prepared in accordance with Generally Accepted Accounting Principles.

COMPANY INFORMATION:

Sector: Transportation
Industry: Trucking
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: CDLI
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: S.D. New York
DOCKET #: 97-CV-1939
JUDGE: Hon. Lewis A. Kaplan
DATE FILED: 03/19/1997
CLASS PERIOD START: 11/21/1995
CLASS PERIOD END: 02/27/1997
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. 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
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 97-CV-1939
JUDGE: Hon. Lewis A. Kaplan
DATE FILED: 10/20/1997
CLASS PERIOD START: 11/21/1995
CLASS PERIOD END: 02/27/1997
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abbey Gardy & Squiteri LLP (San Francisco)
    595 Market Street, Suite 2500, Abbey Gardy & Squiteri LLP (San Francisco), CA 94105
    415.538.3725 ·
  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. Schiffrin & Craig, Ltd.
    Three Bala Plaza East Suite 400, Schiffrin & Craig, Ltd., PA 19004
    610.667.7706 610.667.7056 ·
  4. Squitieri & Fearon LLP (New York)
    420 5th Avenue, 18th Floor, Squitieri & Fearon LLP (New York), NY 10018
    212.575.2092 212.575.2184 · lee@sfclasslaw.com
No Document Title Filing Date
No Document Title Filing Date