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Case Status:    SETTLED
On or around 10/29/1999 (Date of order of final judgment)

Filing Date: May 21, 1997

According to the docket, the court entered its Order and Final Judgment regarding the settlement on October 29, 1999.

According to the settlement agreement date August 9, 1999, Shiva Corporation agreed to pay $4,350,000 to settle the lawsuit. The court ordered preliminary approval of the settlement on July 26, 1999.

According to a Press Release dated 6/12/97, the complaint charges Shiva, which describes itself as a major networking equipment company, and certain officers and directors of the company during the relevant time period with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, by, among other things, misrepresenting material information regarding the demand for and market acceptance of Shiva's products, the strength of its technologies and its competitiveness and the trends in its business, as well as the filing of false and misleading financial statements containing artificially and improperly inflated revenues, receivables, inventories and earnings. Because of defendants' issuance of materially false and misleading statements, including false and misleading financial statements, and defendants' concealment of matters regarding the deteriorating business of the company, the price of Shiva common stock was artificially inflated during the Class Period. While certain material information was concealed from investors, a Shiva director, named as a defendant, sold substantial blocks of Shiva stock at artificially inflated prices, for total proceeds of approximately $1.9 million.

COMPANY INFORMATION:

Sector: Technology
Industry: Semiconductors
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: SHVA
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: D. Massachusetts
DOCKET #: 97-CV-11159
JUDGE: Hon. William G. Young
DATE FILED: 05/21/1997
CLASS PERIOD START: 09/10/1996
CLASS PERIOD END: 03/31/1997
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Levin Fishbein Sedran & Berman (former)
    320 Walnut Street, 6th Floor , Levin Fishbein Sedran & Berman (former), PA 19106
    215.592.1500 ·
  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. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
No Document Title Filing Date
COURT: D. Massachusetts
DOCKET #: 97-CV-11159
JUDGE: Hon. William G. Young
DATE FILED: 11/21/1997
CLASS PERIOD START: 04/18/1996
CLASS PERIOD END: 03/31/1997
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Jaroslawicz & Jaros (former NY)
    150 William Street, Jaroslawicz & Jaros (former NY), NY 10038
    212.227.2780 ·
  2. Lawrence G. Soicher
    342 Madison Avenue, 18th Floor , Lawrence G. Soicher, NY 10173
    212/883.8000 ·
  3. Levin Fishbein Sedran & Berman (former)
    320 Walnut Street, 6th Floor , Levin Fishbein Sedran & Berman (former), PA 19106
    215.592.1500 ·
  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. Moulton & Gans LLP
    133 Federal Street, Moulton & Gans LLP, MA 2110
    617.369.7979 ·
  6. Savett Frutkin Podell & Ryan, P.C.

    800.993.3233 · sfprpc@op.net
  7. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
  8. Schiffrin & Craig, Ltd.
    Three Bala Plaza East Suite 400, Schiffrin & Craig, Ltd., PA 19004
    610.667.7706 610.667.7056 ·
No Document Title Filing Date