Case Page

 

Case Status:    SETTLED
On or around 07/23/2003 (Date of order of final judgment)

Filing Date: October 12, 1999

According to the docket, on July 23, 2003, the Court entered the Order and Final Judgment by U.S. District Judge Beverly B. Martin. The Court further entered the Order awarding attorney's fees and reimbursement of expenses to plaintiffs' counsels, and the case was terminated.

Earlier, on March 2, 2001, the defendants filed several motions to dismiss the consolidated amended complaint. On June 5, 2001, the Court entered the Order granting in part and denying in part the defendants’ motions to dismiss. Specifically, all claims relating to the allegedly false statements made to investment analysts in September 1999 were dismissed as to all defendants, and all other claims were allowed to proceed. On April 26, 2002, the Court entered the Order administratively and statistically terminating the action pending mediation. On August 9, 2002, the Court entered the Order granting the joint motion to reopen the case for purposes of obtaining court approval of the proposed class action settlement. On May 16, 2003, a Stipulation and Agreement of Settlement was filed. By the Stipulation, the proposed settlement was in the amount of $2 million.

According to FORM 10-K filed in the SEC for the fiscal year ended December 31, 2000, no class has yet been certified.

The original complaint charges Towne and certain of its officers and directors with violations of Sections 11 and 15 of the Securities Act of 1933. Specifically, the complaint alleges that the prospectus and registration statement for the Offering, declared effective on June 23, 1999, contained material omissions relating to problems that the Company had experienced immediately prior to the Offering in transferring its corporate headquarters and customer management and data processing facilities to a new location in Georgia.

COMPANY INFORMATION:

Sector: Technology
Industry: Computer Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: TWNE
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: N.D. Georgia
DOCKET #: 99-CV-2641
JUDGE: Hon. Beverly B Martin
DATE FILED: 10/12/1999
CLASS PERIOD START: 06/23/1999
CLASS PERIOD END: 10/12/1999
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. Shepherd & Geller LLC
    117 Gayley Street, Suite 200, Shepherd & Geller LLC, PA 19063
    ·
No Document Title Filing Date
COURT: N.D. Georgia
DOCKET #: 99-CV-2641
JUDGE: Hon. Beverly B Martin
DATE FILED: 01/31/2001
CLASS PERIOD START: 06/23/1999
CLASS PERIOD END: 10/13/1999
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. 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
  3. Chitwood & Harley LLP (Atlanta)
    7945 East Paces Ferry Road, 1400 Resurgens Plaza, Chitwood & Harley LLP (Atlanta), GA 30326
    404.266.1650 · info@chitwoodlaw.com
  4. Milberg Weiss Bershad Hynes & Lerach LLP (Boca Raton)
    The Plaza, Suite 900, 5355 Town Center Road, Milberg Weiss Bershad Hynes & Lerach LLP (Boca Raton), FL 33486
    561.361.5000 ·
  5. Shepherd & Geller LLC
    117 Gayley Street, Suite 200, Shepherd & Geller LLC, PA 19063
    ·
No Document Title Filing Date