Case Page

 

Case Status:    SETTLED
On or around 09/11/2000 (Date of order of final judgment)

Filing Date: April 08, 1999

According to the docket dated November 30, 2001, the court entered the Final Order awarding plaintiff’s counsel fees in the amount of $1,155,000, or 33% of the Settlement Fund of $3,500,000, and reimbursement for expenses in the amount of $373,740.97. The Court further entered U.S. District Judge Albert V. Bryan Jr.’s Final Judgment Order finding the Proposed Settlement fair and adequate to the Class and its members, approving the Settlement, and dismissing the action with prejudice and without costs. The case was closed.

The original Complaint charges that Software A.G., certain of its officers and directors and its largest shareholder, Thayer Equity Investors, III, L.P., violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. The Complaint alleges that defendants issued a series of materially false and misleading financial statements and failed to reveal that the Company was employing fraudulent accounting methods which artificially inflated Software A.G.'s revenues and earnings. On April 5, 1999, the Company announced that preliminary first quarter results would be below analysts' expectations. The Complaint alleges that this shortfall in revenues and earnings was a direct result of defendants' deceptive practice of prematurely recognizing revenue that artificially boosted AGS's
financial results during the period. The Complaint further alleges that defendants utilized their inside information regarding the artificial inflation of the Company's stock price to sell massive amounts of their AGS holdings, for proceeds exceeding $195 million.

COMPANY INFORMATION:

Sector: Technology
Industry: Software & Programming
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: AGS
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: E.D. Virginia
DOCKET #: 99-CV-00496
JUDGE: Hon. Albert V. Bryan, Jr.
DATE FILED: 04/08/1999
CLASS PERIOD START: 11/17/1997
CLASS PERIOD END: 04/05/1999
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Berger & Montague PC
    1622 Locust Street, Berger & Montague PC, PA 19103
    800.424.6690 215.875.4604 · investorprotect@bm.net
  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. Law Offices of Bruce G. Murphy
    265 Llwyds Lane, Law Offices of Bruce G. Murphy, FL 32963
    561.231.4202 ·
  4. Olsen Law Firm
    2121 K Street, N.W. Suite 800, Olsen Law Firm, DC 20037
    703.351.5199 ·
  5. 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: E.D. Virginia
DOCKET #: 99-CV-00496
JUDGE: Hon. Albert V. Bryan, Jr.
DATE FILED: 07/19/1999
CLASS PERIOD START: 11/17/1997
CLASS PERIOD END: 04/05/1999
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Berger & Montague PC
    1622 Locust Street, Berger & Montague PC, PA 19103
    800.424.6690 215.875.4604 · investorprotect@bm.net
  2. 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
No Document Title Filing Date