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Case Status:    SETTLED
On or around 08/02/1999 (Date of order of final judgment)

Filing Date: March 16, 1998

According to the docket dated July 26, 2002, on October 2, 2000, U.S. District Judge Thomas J. Whelan granted defendant PricewaterhouseCoopers’ motion to dismiss the Second Amended Complaint with prejudice. A Notice of Appeal was later filed by the plaintiff, and on July 2, 2002, the Court entered the certified copy of the judgment from the Ninth Circuit Court of Appeals affirming the decision of the District Court.

In the Company’s Form 10-K for the fiscal year ended December 31, 1999, on July 30, 1999, the United States District Court for the Southern District of California approved the settlement of certain securities class action lawsuits against the Company and dismissed the lawsuits with prejudice. The settlement provides for the dismissal and release of all claims in these cases in exchange for (a) payment of $2,500,000 by the Company's insurance carrier to the class of plaintiffs, (b) issuance by the Company of 2,304,271 shares of its common stock to the plaintiffs, which is equal to twenty percent of the sum of (i) the number of shares of common stock currently outstanding and (ii) the maximum number of shares issuable upon conversion of the Series E Preferred Stock, and (c) cooperation by the Company with plaintiffs' counsel by providing certain documents and information regarding the claims asserted in the class actions.

The original Complaint alleges that defendants publicly touted the Company's financial growth and its record revenues, while failing to disclose numerous accounting irregularities that caused the Company to substantially overstate its earnings for the years 1996 and 1997. Plaintiff alleges that Altris failed to recognize revenue in accordance with Generally Accepted Accounting Principles and that Altris inflated reported income by maintaining inadequate reserves for bad debts. Plaintiff also alleges that Altris failed to disclose the inadequancy of its system of internal controls, which prevented proper reporting of income and revenues. As a result of the defendants' material misstatements and omissions, plaintiff and the other members of the Class purchased shares of Altris at artificially inflated prices as high as $10 per share, which they would not have done had they known the Company's true financial condition.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: ALTS
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. California
DOCKET #: 98-CV-00528
JUDGE: Hon. Edward J. Schwartz
DATE FILED: 03/16/1998
CLASS PERIOD START: 10/30/1996
CLASS PERIOD END: 10/07/1997
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
  3. Spector Roseman & Kodroff (San Diego)
    1818 Market Street, Suite 2500, Spector Roseman & Kodroff (San Diego), PA 19103
    215.496.0300 215.496.6611 ·
No Document Title Filing Date
COURT: S.D. California
DOCKET #: 98-CV-00528
JUDGE: Hon. Edward J. Schwartz
DATE FILED: 08/30/1999
CLASS PERIOD START: 02/26/1997
CLASS PERIOD END: 03/11/1998
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
  3. Spector Roseman & Kodroff (San Diego)
    1818 Market Street, Suite 2500, Spector Roseman & Kodroff (San Diego), PA 19103
    215.496.0300 215.496.6611 ·
No Document Title Filing Date