By the Final Judgment and Order of Dismissal with Prejudice entered on July 20, 2001, the settlement set forth in the Stipulation of Settlement is approved, and the case is dismissed with prejudice.
According to the Notice of Pendency and Settlement of Class Action dated April 9, 2001, the parties agreed to a Stipulation of Settlement on March 26, 2001 that settles the case for $27,972,500 in cash.
Further, the notice says that the following actions were filed in or transferred to the United States District Court for the Central District of California, Southern
Division (the "Court"), as class actions on behalf of persons who purchased or acquired the common stock of Bergen Brunswig Corporation
during a defined period of time:
(a) Waters v. Bergen Brunswig Corp.,et al., No. SACV-99-1305-AHS(ANx), filed on October 22, 1999;
(b) Brody v. Bergen Brunswig Corp.,et al., No. SACV-99-1320-AHS(ANx), filed on October 26, 1999;
(c) Salamon v. Bergen Brunswig Corp., et al., No. SACV-99-1321-AHS(ANx), filed on October 26, 1999;
(d) Lewis v. Bergen Brunswig Corp., et al., No. SACV-99-1416-AHS(ANx), filed on October 28, 1999;
(e) Steinman v. Bergen Brunswig Corp., et al., No. SACV-99-1453-AHS(ANx), filed on November 2, 1999;
(f) Byer v. Bergen Brunswig Corp., et al., No. SACV-99-1512-AHS(ANx), filed on November 9, 1999;
(g) Zwiebel v. Bergen Brunswig Corp., et al., No. SACV-99-1393-AHS(ANx), filed on November 10, 1999;
(h) Silverberg v. Bergen Brunswig Corp., et al., No. SACV-99-1426-AHS(ANx), filed on November 18, 1999;
(i) Perri v. Bergen Brunswig Corp., et al., No. SACV-00-0027-AHS(ANx), filed on December 2, 1999; and
(j) Drucker v. Bergen Brunswig Corp., et al., No. SACV-00-132-AHS(EEx), filed on November 12, 1999.
On or about December 21, 1999, plaintiffs in the aforementioned actions filed their motions for consolidation, for appointment as lead
plaintiffs, and for approval of their selection of counsel. By order dated January 18, 2000, the above actions were consolidated for pre-trial
purposes and are referred to herein collectively as the "Litigation." The Court also appointed lead plaintiffs and lead counsel for the
On March 6, 2000, and March 27, 2000, plaintiffs initiated discovery by noticing the deposition of Lehman Brothers, Inc. and Deloitte
& Touche LLP, respectively.
Approximately one month later, after conducting extensive research and investigation concerning their allegations, plaintiffs filed their
Consolidated Amended Class Action Complaint (the "Complaint") on April 25, 2000. The Complaint sought remedies for Defendants'
alleged violations of: (a) §§11, 12, and 15 of the Securities Act of 1933; and (b) §§6, 10(b), 20(a) and 20A of the Securities Exchange Act
of 1934 and Rule 10b-5 promulgated thereunder.
In response, on or about June 23, 2000, Defendants filed their motion to dismiss plaintiffs' Complaint, plaintiffs' filed their opposition
and objections to the motion on August 3, 2000, and Defendants filed their reply in support of their motion on August 21, 2000.
The original Complaint charges that defendants violated Sections 10(b), 14(a) and 20(a) of the Securities Exchange Act of 1934 and rules 10b-5 and 14a-9 of the Securities Exchange Commission as well as sections 11, 12(2) and 15 of the Securities Act of 1933. The action arises from damages incurred by the Class as a result of a scheme and common course of conduct by defendants which operated as a fraud and deceit on the Class during the Class Period. Defendants' scheme included, among other things, rendering false and misleading statements and/or omissions concerning the financial condition of the Stadtlander Drug Co., which Bergen Brunswig purchased in early 1999 from Counsel Corporation.