Case Page

 

Case Status:    SETTLED
On or around 09/10/2002 (Date of order of final judgment)

Filing Date: October 15, 1999

According to the Order and Final Judgment, entered on September 10, 2002, from the U.S. District Judge Honorable Sue L. Robinson of the U.S. District Court of Delaware, the case was settled. Further, on March 21, 2003, per court order, the case was reopened to resolve matters on the distribution of the settlement. The case was finally closed on August 09, 2004.

According to a Press Release dated October 26, 1999, the complaint charges that Starnet and certain of its officers and directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. The complaint further alleges that the defendants issued materially false and misleading statements about the nature of the Company's business and failed to disclose potential liabilities throughout the Class Period in the Company's public filings and public statements. Specifically, the complaint alleges that Starnet routinely violates Canadian gambling laws, and that the Company accepts wagers from North Americans, contrary to public representations made throughout the Class Period. As a result of these misrepresentations and omissions, the price of Starnet's common stock was artificially inflated throughout the Class Period, enabling Defendants to sell thousands of shares and reap millions of dollars in illicit insider trading profits. On August 20, 1999, after a massive police raid, the truth was finally revealed and the stock price plummeted by approximately 60% of its market price.

COMPANY INFORMATION:

Sector: Technology
Industry: Computer Services
Headquarters: Canada

SECURITIES INFORMATION:

Ticker Symbol: SNMM
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: D. Delaware
DOCKET #: 99-CV-00681
JUDGE: Hon. Sue L. Robinson
DATE FILED: 10/15/1999
CLASS PERIOD START: 03/11/1999
CLASS PERIOD END: 08/20/1999
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bernstein Litowitz Berger & Grossmann LLP (former San Diego)
    12544 High Bluff Drive, Suite 150, Bernstein Litowitz Berger & Grossmann LLP (former San Diego), CA 92130
    858.793.0070 858.793.0323 · blbg@blbglaw.com
  2. Bernstein Litowitz Berger & Grossmann LLP (Westfield, NJ)
    220 St. Paul Street, Bernstein Litowitz Berger & Grossmann LLP (Westfield, NJ), NJ 07090
    908.928.1700 908.301.9008 · blbg@blbglaw.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. Morris and Morris LLC (Former Address)
    1105 North Market Street, Suite 1600, Morris and Morris LLC (Former Address), DE 19801
    800.296.0410 · firm@morrisandmorrislaw.com
  5. Rosenthal, Monhait, Gross & Goddess, P.A.
    Suite 1401, Mellon Bank Center, PO Box 1070, Rosenthal, Monhait, Gross & Goddess, P.A., DE 19899-0170
    302.656.4433 (302) 658-7567 ·
No Document Title Filing Date
COURT: D. Delaware
DOCKET #: 99-CV-00681
JUDGE: Hon. Sue L. Robinson
DATE FILED: 06/07/2000
CLASS PERIOD START: 03/11/1999
CLASS PERIOD END: 08/20/1999
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bernstein Litowitz Berger & Grossmann LLP (New York, NY)
    1285 Avenue of the Americas, 33rd Floor, Bernstein Litowitz Berger & Grossmann LLP (New York, NY), NY 10019
    212.554.1400 212.554.1444 · blbg@blbglaw.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. Morris and Morris LLC (Former Address)
    1105 North Market Street, Suite 1600, Morris and Morris LLC (Former Address), DE 19801
    800.296.0410 · firm@morrisandmorrislaw.com
  4. Rosenthal, Monhait, Gross & Goddess, P.A.
    Suite 1401, Mellon Bank Center, PO Box 1070, Rosenthal, Monhait, Gross & Goddess, P.A., DE 19899-0170
    302.656.4433 (302) 658-7567 ·
No Document Title Filing Date
No Document Title Filing Date