Case Page

 

Case Status:    DISMISSED    
On or around 10/08/2003 (Other)

Filing Date: May 12, 1998

According to the docket posted, on November 16, 2000, the Court entered the Memorandum and Order signed by U.S. District Judge Lawrence M. McKenna granting in part, denying in part defendants’ motion for an order dismissing the complaint pursuant to Rules 9(b) and 12(b)(6) of the FRCP and Section 21 D of the Securities Exchange Act of 1934. Plaintiffs were granted leave to file an amended complaint within 45 days of the order. On October 8, 2003, the Court entered the Stipulation and Order of voluntary dismissal without prejudice and the case was closed.

As previously reported by the Company’s FORM 10-KSB For Fiscal Year ended December 31, 1998, during May 1998 the Company and several of its officers were served with a putative class action complaint alleging purported violations of the securities laws (GESTEN v. SOLUCORP INDUSTRIES LTD., et al., 98 Civ. 3248 (I.MM) (SDNY)). Subsequently, three additional class action complaints were filed the Company and the individuals named in the GESTEN action filed a motion to dismiss that complaint, the plaintiffs in the four class actions filed a motion to consolidate the four actions into one action as part of the GESTEN case, and to file an amended consolidated complaint. The consolidation motion was granted by the court by order dated October 23, 1998. The consolidated amended complaint was filed on December 7, 1998 (IN RE: SOLUCORP INDUSTRIES LTD., Master File No. 98 CV(I.MM)(SDNY)). The Company and the individuals named in the complaint after consultation with their attorneys believe that the action filed against them has no merit and have determined to vigorously defend the action. On February 12, 1999, the Company and the individuals who had been served, filed a motion to dismiss the amended consolidated complaint.

The original Complaint alleges that defendants participated in a scheme or common course of conduct, in violation of federal securities laws, to artificially inflate Solucorp's stock price so that they could maintain their lucrative positions. The Complaint further alleges that as a result of defendants' false statements, misrepresentations, and omissions, the price of Solucorp's common stock was artificially inflated during the Class Period and that Solucorp's stock was then maintained at an artificially inflated level until the Securities and Exchange Commission ("SEC") halted trading of Solucorp securities on May 1, 1998, questioning the accuracy and adequacy of public information on contracts held by the firm. The SEC also cited questions about revenue projections in Company press releases in 1997 and 1998.

COMPANY INFORMATION:

Sector: Services
Industry: Waste Management Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: SLUP
Company Market: OTC-BB
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. New York
DOCKET #: 98-CV-03248
JUDGE: Hon. Lawrence M. McKenna
DATE FILED: 05/12/1998
CLASS PERIOD START: 09/11/1996
CLASS PERIOD END: 05/01/1998
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. 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
  3. Weiss & Yourman (New York, NY)
    The French Building, 551 Fifth Ave., Suite 1600, Weiss & Yourman (New York, NY), NY 10126
    212.682.3025 212.682.3010 · info@wyca.com
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 98-CV-03248
JUDGE: Hon. Lawrence M. McKenna
DATE FILED: 12/07/1998
CLASS PERIOD START: 09/11/1996
CLASS PERIOD END: 05/01/1998
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. Weiss & Yourman (New York, NY)
    The French Building, 551 Fifth Ave., Suite 1600, Weiss & Yourman (New York, NY), NY 10126
    212.682.3025 212.682.3010 · info@wyca.com
No Document Title Filing Date
No Document Title Filing Date