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Case Status:    SETTLED
On or around 01/18/2001 (Date of order of final judgment)

Filing Date: March 10, 1997

According to the latest docket posted, on January 25, 2001, the plaintiffs filed a Notice of Appeal to the Eighth Circuit Court of Appeals from U.S. District Judge James M. Rosenbaum's Order of 6/29/98, Order of 11/24/98 and final judgment and order entered on 1/17/01. Specifically, the plaintiffs wanted to appeal the earlier dismissal of the Section 11 claim against defendant Ernst & Young LLP. On July 18, 2002, the Court entered the certified copy of the Opinion and Judgment from the Eighth Circuit, reversing and remanding the original dismissal of the Section 11 claim against Ernst & Young. By the Notice of Pendency of Class Action dated August 20, 2004, a settlement with the single remaining defendant, Ernst & Young LLP, was established in the amount of $475,000 in cash. On December 7, 2004, the Court entered the Order and Final Judgment signed by Judge James M. Rosenbaum. Judgment was entered on December 8, 2004.

As reported by the Company’s FORM 10-K for the fiscal year ended December 31, 2000, on October 4, 2000, the Company announced the preliminary approval by the United States District Court of Minnesota of a settlement in the securities cases
against the Company of In Re Summit Medical Systems, Inc. Securities Litigation
and Teachers' Retirement System of Louisiana v. Summit Medical Systems, Inc. et
al. The settlement terms included $750,000 in cash, 100,000 shares of common
stock, and warrants to purchase 500,000 shares of common stock at $4.00 over the
next five years. On January 17, 2001, the United States District Court of
Minnesota filed its order for final judgement, which finalized the settlement.

The original complaint alleges that Summit violated the federal securities laws by issuing a series of materially false and misleading public statements concerning Summit's financial results for 1994, 1995 and 1996. Specifically, the complaint alleges that defendants reported that revenue for the year ended December 31, 1996 would be substantially less than the amount previously announced and that the company would likely restate downwards its financial statements for the years ended 1994 and 1995. The complaint also alleges that the company's revenues were materially misstated during the class period as a result of the company's incorrect recognition of revenue in violation of Generally Accepted Accounting Principles.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: CRSC
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. Minnesota
DOCKET #: 97-CV-558
JUDGE: Hon. James M. Rosenbaum
DATE FILED: 03/10/1997
CLASS PERIOD START: 08/04/1995
CLASS PERIOD END: 03/03/1997
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Larkin, Hoffman, Daly & Lindgren
    1500 Wells Fargo Plaza 7900 Xerxes Avenue South, Larkin, Hoffman, Daly & Lindgren, MN 55431
    952.835.3800 952.896.3333 · info@lhdl.com
  2. Zimmerman Reed, LLP
    1100 IDS Center, 80 South 8th Street , Zimmerman Reed, LLP, MN 55402
    612.341.0400 612.341.0844 · info@zimmreed.com
No Document Title Filing Date
COURT: D. Minnesota
DOCKET #: 97-CV-558
JUDGE: Hon. James M. Rosenbaum
DATE FILED: 07/20/1998
CLASS PERIOD START: 08/04/1995
CLASS PERIOD END: 03/03/1997
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Berman DeValerio Pease Tabacco Burt & Pucillo (MA)
    One Liberty Square, Berman DeValerio Pease Tabacco Burt & Pucillo (MA), MA 2109
    617.542.8300 617.230.0903 · info@bermanesq.com
  2. Chestnut & Cambronne, P.A. (Minneapolis)
    3700 Piper Jaffray Tower, 222 South Ninth Street, Chestnut & Cambronne, P.A. (Minneapolis), MN 55402
    612.339.730 612.339.730 ·
  3. Halpern & Associates
    233 Needham St., Halpern & Associates, MA 02464
    617.244.2100 · emason@halpernlaw.com
  4. Heins Mills & Olson PLC
    3550 IDS Center, 80 South Eighth Street, Heins Mills & Olson PLC, MN 55402
    612.338.4605 612.338.4692 · info@heinsmills.com
  5. Larkin, Hoffman, Daly & Lindgren
    1500 Wells Fargo Plaza 7900 Xerxes Avenue South, Larkin, Hoffman, Daly & Lindgren, MN 55431
    952.835.3800 952.896.3333 · info@lhdl.com
  6. Lockridge, Grindal, Nauen P.L.L.P.
    Suite 301, 660 Pennsylvania Avenue Southeast, Lockridge, Grindal, Nauen P.L.L.P., DC 20003-4335
    202.544.9840 202.544.9850 ·
  7. Lowey, Dannenberg, Bemporad & Selinger, P.C.
    1 North Lexington Avenue, 11th Floor, Lowey, Dannenberg, Bemporad & Selinger, P.C., NY 10601-1714
    914.997.0500 914.997.0035 · ldbs@wesetnet.com
  8. 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
  9. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
  10. Reinhardt & Anderson
    E 1000 First Bank Bldg - 332 Minnesota Street, Reinhardt & Anderson, MN 55101
    651.227.9990 ·
  11. Reinhardt, Wendorf & Blanchfield Attorneys at Law
    E-1000 First National Bank Building, 332 Minnesota Street, Reinhardt, Wendorf & Blanchfield Attorneys at Law, MN 55101
    800.465.1592 651.297.6543 · info@ralawfirm.com
  12. Wechsler Harwood LLP
    488 Madison Avenue 8th Floor, Wechsler Harwood LLP, NY 10022
    212.935.7400 · info@whhf.com
  13. Wolf Popper, LLP
    845 Third Avenue, Wolf Popper, LLP, NY 10022-6689
    877.370.7703 212.486.2093 · IRRep@wolfpopper.com
  14. Zimmerman Reed, LLP
    1100 IDS Center, 80 South 8th Street , Zimmerman Reed, LLP, MN 55402
    612.341.0400 612.341.0844 · info@zimmreed.com
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