Case Page

 

Case Status:    SETTLED
On or around 09/30/2003 (Settlement hearing date)

Filing Date: October 16, 1998

According to the docket, on September 30, 2003, the settlement hearing was held before U.S. District Judge Ellen S. Huvelle. The Court issued the Order granting the motion for approval of the proposed settlement. The case is dismissed. That day, the Court also issued the Order granting in part, the motion for attorney fees. The Court awarded attorneys' fees of $9.1 million, plus interest, and reimbursement of $1,241,098.77 in litigation expenses.

In a press release dated July 23, 2003, a settlement has been proposed. The settlement will provide $32.5 million to pay claims. On September 30, 2003, the Court will have a hearing to decide whether to approve the settlement.

The lawsuit claimed that Defendants misled investors by issuing false and misleading information about Baan's income and earnings during the Class Period. The Defendants deny they did anything wrong. The Court did not make any determination of the merits of the claims or defenses, but both sides agreed to the settlement to avoid the risks and cost of a trial.

Various suits were filed in 1998. The first lawsuit (First Identified Complaint) was filed on behalf of purchasers of Baan Corp.'s American Depository Receipts ("ADR's") between January 30, 1998 and October 12, 1998. This complaint was later amended and consolidated.

The original complaint alleges that defendants improperly recognized revenues by utilizing fraudulent accounting methods. Specifically, the Complaint alleges that defendants: (1) recognized revenue from related party transactions that should have not been recognized; (2) prematurely recognized revenue from licensing transactions; and (3) improperly recognized revenue from transactions for which BAAN guaranteed payment. Plaintiff alleges that defendants' misleading positive statements artificially inflated the price of BAAN ADRs. On October 12, 1998, BAAN issued a press release announcing a loss of $.13 to $.16 per share for the third quarter of 1998. The market reacted sharply to the announcement with the BAAN ADRs falling $4-3/8 or 24%, to $13.50. BAAN's ADRs had traded as high as $55.50 as recently as April 20,1998.

COMPANY INFORMATION:

Sector: Technology
Industry: Software & Programming
Headquarters: Netherlands

SECURITIES INFORMATION:

Ticker Symbol: BAANF
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. District Columbia
DOCKET #: 98-CV-02465
JUDGE: Hon. Joyce H. Green
DATE FILED: 10/16/1998
CLASS PERIOD START: 01/30/1998
CLASS PERIOD END: 10/12/1998
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abbey Gardy & Squiteri LLP (San Francisco)
    595 Market Street, Suite 2500, Abbey Gardy & Squiteri LLP (San Francisco), CA 94105
    415.538.3725 ·
  2. Cohen Milstein Hausfeld & Toll PLLC (Seattle WA)
    701 Fifth Avenue, Suite 6860, Cohen Milstein Hausfeld & Toll PLLC (Seattle WA), WA 98014
    206.521.0080 206.521.0166 · lawinfo@cmht.com
  3. 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 ·
  4. 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
COURT: D. District Columbia
DOCKET #: 98-CV-02465
JUDGE: Hon. Joyce H. Green
DATE FILED: 05/08/2002
CLASS PERIOD START: 01/28/1997
CLASS PERIOD END: 10/12/1998
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cohen Milstein Hausfeld & Toll PLLC (Seattle WA)
    701 Fifth Avenue, Suite 6860, Cohen Milstein Hausfeld & Toll PLLC (Seattle WA), WA 98014
    206.521.0080 206.521.0166 · lawinfo@cmht.com
  2. 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 ·
  3. Shalov Stone & Bonner LLP (New York)
    485 Seventh Avenue, Suite 1000, Shalov Stone & Bonner LLP (New York), NY 10018
    212.239.4340 212.239.4310 · lawyer@lawssb.com
No Document Title Filing Date