Case Page

 

Case Status:    SETTLED
On or around 08/22/2002 (Date of order of final judgment)

Filing Date: September 23, 1999

In the Company’s Form 10-K, for the fiscal year ended December 31, 2002, under the settlement agreement, the Company paid $11.5 million in cash, all of which was paid by the Company’s directors’ and officers’ liability insurance carrier. The Company also issued (i) 1.25 million shares of authorized but unissued common stock, (ii) $4.0 million of new 8% Junior Subordinated Convertible PIK Notes due 2007, and (iii) five-year warrants to purchase 4.15 million shares of common stock at an exercise price of $5.16 per share, which are exercisable upon grant.

According to the latest docket, on August 24, 2001, the Court entered the Order granting in part and/or denying in part several, separate motions filed by Aviation Sales, Arthur Andersen LLP, and certain Individual Defendants. The plaintiffs then filed a Third Amended Complaint. On May 10, 2002, a Stipulation of settlement was filed, and on May 22, 2002, the Court entered the Order approving the settlement and certifying the Class. On August 21, 2002, U.S. District Judge Federico A. Moreno issued the Final Judgment and Order of Dismissal with Prejudice, approved the plan of allocation of the settlement, granted plaintiffs’ request for an award of attorneys’ fees and reimbursement for expenses and the case was closed.

The original action charges Aviation and others for violation of section 10(b) of the Securities Exchange Act of 1934 and rule 10b-5 of the Securities Exchange Commission by reason of material misrepresentations and omissions during the Class Period concerning the Company.

COMPANY INFORMATION:

Sector: Capital Goods
Industry: Aerospace & Defense
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: AVS
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. Florida
DOCKET #: 99-CV-02560
JUDGE: Hon. Federico A. Moreno
DATE FILED: 09/23/1999
CLASS PERIOD START: 06/11/1999
CLASS PERIOD END: 09/17/1999
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. 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 ·
No Document Title Filing Date
COURT: S.D. Florida
DOCKET #: 99-CV-02560
JUDGE: Hon. Federico A. Moreno
DATE FILED: 09/21/2001
CLASS PERIOD START: 06/11/1999
CLASS PERIOD END: 09/17/1999
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Berman DeValerio Pease Tabacco Burt & Pucillo (FL)
    515 North Flagler Drive - Suite 1701, Berman DeValerio Pease Tabacco Burt & Pucillo (FL), FL 33401
    561.835.9400 ·
  2. Cherry & Associates
    30 N. LaSalle Street, Cherry & Associates, IL 60602
    312.372.2100 312.853-0279 ·
  3. Kaplan Fox & Kilsheimer, LLP (former New York, NY)
    805 Third Avenue, 22nd Floor, Kaplan Fox & Kilsheimer, LLP (former New York, NY), NY 10022
    212.687.1980 212.687.7714 · info@kaplanfox.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 ·
No Document Title Filing Date