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Case Status:    SETTLED
On or around 12/04/2000 (Date of order of final judgment)

Filing Date: August 05, 1996

According to the docket, on September 25, 2000, a Stipulation of Settlement was filed. On December 4, 2000, the Court entered the Final Judgment and Order of Dismissal with prejudice. The Court further entered the Orders approving the plan of allocation of settlement proceeds and awarding representative plaintiffs’ counsel attorneys’ fees and costs.

As reported in the Company's Form 10-K for the fiscal year ended December 27, 1998, on February 14, 1997, Plaintiffs filed a Consolidated and Amended Class Action Complaint. The Consolidated and Amended Class Action Complaint alleged causes of action under the federal securities laws and Nevada law for purported misrepresentations during the period between December 19, 1995, and July 22, 1996. The litigation was brought on behalf of a putative class of purchasers of the Company's securities during that time period. The Consolidated and Amended Class Action Complaint did not name the Company as a defendant, presumably due to the automatic stay imposed by the Company's bankruptcy filing and because any claims of plaintiffs against the Company would be resolved in the Bankruptcy Proceedings. By virtue of the confirmation and consummation of the Restated Second Amended Plan, the Company was discharged from any liability to Plaintiffs or Defendants with Plaintiffs and Defendants receiving nothing under the Restated Second Amended Plan.

Eight additional cases making the same claims against the same defendants (and in one instance also against a former director of the Company and also a former officer and director of Grand) have been filed. On January 15, 1997, the court ordered these eight additional lawsuits to be consolidated with the Caesar lawsuit under the caption "In re Stratosphere Corporation Securities Litigation."

The original complaint alleges that defendants violated the federal securities laws (Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5) by, among other things, misrepresenting and/or omitting material information concerning Stratosphere's marketing and operations. Certain defendants are alleged to have profited by their wrongdoing by selling over 980,000 shares of Stratosphere common stock, and grossing over $8.6 million, during the Class Period. Moreover, the complaint alleges that a substantial number of such sales were not reported as required by the Securities and Exchange Commission.

COMPANY INFORMATION:

Sector: Services
Industry: Hotels & Motels
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: TOWV
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. Nevada
DOCKET #: 96-CV-00708
JUDGE: Hon. Philip M. Pro
DATE FILED: 08/05/1996
CLASS PERIOD START: 12/19/1995
CLASS PERIOD END: 07/22/1996
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Hale, Lane, Peek, Dennison & Howard
    100 West Liberty Street Tenth Floor P.O. Box 3237, Hale, Lane, Peek, Dennison & Howard, NV 89501
    775.327.3000 775.786.6179 · info@halelane.com
  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: D. Nevada
DOCKET #: 96-CV-00708
JUDGE: Hon. Philip M. Pro
DATE FILED: 02/14/1997
CLASS PERIOD START: 12/19/1995
CLASS PERIOD END: 07/22/1996
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Milberg Weiss Bershad Hynes & Lerach LLP (Los Angeles, CA)
    355 S Grand Ave - Ste 4170, Milberg Weiss Bershad Hynes & Lerach LLP (Los Angeles, CA), CA 90071-3172
    213.617.9007 ·
  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. 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