Case Page

 

Case Status:    SETTLED
On or around 12/17/1998 (Date of order of final judgment)

Filing Date: May 05, 1997

According to the firm's 10-K dated 03/30/1999, in December 1998, the Company finalized an agreement to settle for $10.0 million the consolidated stockholder class action. The Company's total cost under the agreement, including legal fees, after insurance and other participation, was approximately $3.3 million which was paid in November 1998. The Company recorded a charge in that amount during the second quarter of 1998. After notice to the class, the court, on December 14, 1998, granted final approval of the proposed settlement and dismissed the class actions.

On June 9, 1997, the Court entered the Order transferring the case from the U.S. District Court for the Eastern District of Pennsylvania to the District of New Jersey, Newark Division, filed as a related case to Barbara Einhorn vs. USA Detergents, Inc., et al C.A. No. 97-2459.

The original complaint, the plaintiff claimed that during the Class Period the defendants concealed material information concerning the costs and expenses associated with building USAD's national distribution infrastructure, the lack of adequate internal accounting controls and the effect on the Company's operational and financial condition. The plaintiff claimed that the misrepresentations and omission were designed to and did artificially inflate USAD's stock price, causing damage to him and other investors who bought USAD common stock during the Class Period.

A class action complaint with similar allegations was also filed in the U.S. District Court for the District of New Jersey.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: USAD
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. New Jersey
DOCKET #: 97-CV-03227
JUDGE: Hon. Clarence C. Newcomer
DATE FILED: 05/05/1997
CLASS PERIOD START: 02/07/1997
CLASS PERIOD END: 04/24/1997
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Greenfield & Rifkin, LLP
    800 Times Building, Greenfield & Rifkin, LLP, PA 19003
    610.649.3900 610.649.3900 · g&r@whitehatlaw.com
  2. 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
No Document Title Filing Date
COURT: D. New Jersey
DOCKET #: 97-CV-02459
JUDGE: Hon. Clarence C. Newcomer
DATE FILED: 07/03/1997
CLASS PERIOD START: 02/07/1997
CLASS PERIOD END: 04/24/1997
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Barrack Rodos & Bacine (former Haddonfield , NJ)
    14 Kings Highway West, Barrack Rodos & Bacine (former Haddonfield , NJ), NJ 08033
    856.354.070 ·
  2. James V. Bashian
    500 Fifth Ave Ste 2800, James V. Bashian, NY 10110
    ·
  3. Kantrowitz, Goldhamer & Graifman
    747 Chestnut Ridge Road, Kantrowitz, Goldhamer & Graifman, NY 10977
    845.356.2570. 845.356.4335 ·
  4. Lite, DePalma, Greenberg & Rivas, LLC (Newark)
    Two Gateway Center, 12th Floor, Lite, DePalma, Greenberg & Rivas, LLC (Newark), NJ 07102-5003
    973.623.3000 ·
  5. 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