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Case Status:    SETTLED
On or around 09/01/1999 (Date of order of final judgment)

Filing Date: April 08, 1997

According to the docket dated June 19, 2000, the court issued the Final Judgment and Dismissal dated August 31, 1999, approving the settlement and dismissing the case.

On May 7, 1999, the Company announced that it had entered into an agreement that provides for the settlement of the consolidated securities class action lawsuit pending against the Company. The settlement provides that all claims against the Company, certain of its officers and directors and underwriters will be dismissed. Under the terms of the settlement, in exchange for the dismissal and release of all claims, the Company will pay to the class $7.5 million in cash, together with shares of Common Stock of the Company valued at $1.3 million. The Company recorded a charge for the settlement of approximately $9.3 million, including legal fees, in the quarter ended June 30, 1999. The settlement is subject to certain customary conditions, including notice to the class and approval by the Court.

The original complaint, which was later consolidated with a similar complaint, charged the Defendants with violations of the federal securities laws by making false and misleading representations in the May 31, 1996 Registration Statement and Prospectus prepared and disseminated by Defendants (the "Prospectus") in connection with the initial public offering of 3,750,000 shares of SSNC common stock (the "IPO"). The Plaintiff claims that the IPO Prospectus contained certain misrepresentations regarding the valuation placed on SSNC by the Defendants and the determination by the Defendants of the initial public offering price of the SSNC stock sold in the IPO.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: SSNC
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. Connecticut
DOCKET #: 97-CV-656
JUDGE: Hon. Janet C. Hall
DATE FILED: 04/08/1997
CLASS PERIOD START: 05/31/1996
CLASS PERIOD END: 08/01/1996
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Rabin & Peckel LLP
    275 Madison Avenue, 34th Floor, Rabin & Peckel LLP, NY 10016
    212.682.1818 212.682.1892 · email@rabinlaw.com
  2. Schatz & Nobel, P.C.
    330 Main Street, Schatz & Nobel, P.C., CT 06106
    800.797.5499 860.493.6290 · sn06106@AOL.com
No Document Title Filing Date
COURT: D. Connecticut
DOCKET #: 97-CV-656
JUDGE: Hon. Janet C. Hall
DATE FILED: 07/08/1997
CLASS PERIOD START:
CLASS PERIOD END:
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Rabin & Peckel LLP
    275 Madison Avenue, 34th Floor, Rabin & Peckel LLP, NY 10016
    212.682.1818 212.682.1892 · email@rabinlaw.com
  2. Schatz & Nobel, P.C.
    330 Main Street, Schatz & Nobel, P.C., CT 06106
    800.797.5499 860.493.6290 · sn06106@AOL.com
No Document Title Filing Date