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Case Status:    SETTLED
On or around 07/22/2002 (Date of order of final judgment)

Filing Date: October 21, 1999

According to the docket, on November 21, 2001, a Stipulation and Agreement of Settlement was filed, and on November 28, 2001, the Court entered the Judgment signed by U.S. District Judge Loretta A. Preska. Pursuant to Rule 23 of the FRCP, the Court certified the action as a class action, the settlement and the Plan of Allocation were approved, and the case was closed.

By the Notice of Pendency, the Action is stayed as against Conti due to its May 17, 2000 bankruptcy petition under Chapter 11 of the United States Bankruptcy Code Conti's bankruptcy reorganization plan was confirmed as of December 19, 2000.

On March 15, 2000, the case filed in the U.S. District Court for the Eastern District of New York was interdistrict transferred to the U.S. District Court for the Southern District of New York.

As reported by the Company’s FORM 10-Q for the quarterly period ended December 31, 1999, the Company, along with the other defendants, is seeking to have all seven cases consolidated in the Southern District of New York; plaintiffs are seeking to consolidate the litigation in the Eastern District of New York. Also pending is a motion under the Private Securities Litigation Reform Act of l995 for the appointment of lead plaintiffs and lead plaintiffs' counsel. While the Company intends to defend these actions vigorously, any filing by the Company under Chapter 11 of the Bankruptcy Code would operate automatically to stay the prosecution of the litigation against the Company

The original complaint charges ContiFinancial, certain of its officers and directors and its controlling shareholder with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 as well as Rule 10b-5 promulgated thereunder. The complaint alleges that ContiFinancial and certain of its officers and directors issued a series of materially false and misleading statements regarding the Company's financial condition and the level of prepayments the Company was experiencing. As a result of these materially false and misleading statements, plaintiff alleges that the price of ContiFinancial common stock was artificially inflated during the Class Period. Before the disclosure of the aforementioned adverse facts, certain ContiFinancial insiders sold thousands of shares of ContiFinancial common stock to the public and the Company completed several acquisitions.

COMPANY INFORMATION:

Sector: Financial
Industry: Misc. Financial Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: CFN
Company Market: New York SE
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 #: 99-CV-06794
JUDGE: Hon. I. L. Glasser
DATE FILED: 10/21/1999
CLASS PERIOD START: 01/29/1998
CLASS PERIOD END: 07/21/1999
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. 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. Levy & Levy

    ·
  4. Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY)
    One Pennsylvania Plaza, Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY), NY 10119-1065
    212.594.5300 ·
  5. Stull, Stull & Brody (New York)
    6 East 45th Street, Stull, Stull & Brody (New York), NY 10017
    310.209.2468 310.209.2087 · SSBNY@aol.com
  6. Wolf Haldenstein Adler Freeman & Herz LLP (New York)
    270 Madison Avenue, Wolf Haldenstein Adler Freeman & Herz LLP (New York), NY 10016
    212.545.4600 212.686.0114 · newyork@whafh.com
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 99-CV-10941
JUDGE: Hon. I. L. Glasser
DATE FILED: 12/18/2000
CLASS PERIOD START: 01/29/1998
CLASS PERIOD END: 07/21/1999
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
  2. Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY)
    One Pennsylvania Plaza, Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY), NY 10119-1065
    212.594.5300 ·
  3. Rabin & Peckel LLP
    275 Madison Avenue, 34th Floor, Rabin & Peckel LLP, NY 10016
    212.682.1818 212.682.1892 · email@rabinlaw.com
No Document Title Filing Date
No Document Title Filing Date