Case Page

 

Case Status:    SETTLED
On or around 08/27/2001 (Date of order of final judgment)

Filing Date: March 22, 1996

According to the firm's SEC 8-K filing on August 24, 2001, Bollinger Industries, Inc. received court approval for full and final settlement with STI Classic Fund and STI Classic Sunbelt and, in a related suit, Suntrust Bank Atlanta, as trustee for Suntrust
Retirement Sunbelt Equity Fund in the Suntrust Lawsuit. Both suits were filed as class actions.

The Suntrust and STI Lawsuits, were settled through mediation and called for a one time payment of $400,000 and the issuance of 200,000 shares of Bollinger Common Stock. The complaints were not consolidated but were complaints regarding similar allegations against Bollinger.

The complaint alleges that Bollinger's financial statements and SEC filings were false and misleading. In essence, plaintiff allege that Bollinger invoiced fraudulent sales transactions with one or more customers in order to inflate reported sales, earnings, and inventory levels. These misstatements of financial performance allegedly stemmed from inadequate financial and accounting controls and violations of GAAP of which the Company and its senior management were allegedly aware. Bollinger also is alleged to have materially misstated future trends in financial performance and the composition and distribution of sales to the Company's major customers. The company also allegedly failed to disclose delays in auditing, possible liquidity and cash flow problems, and potential defaults under lines of credit. In June 1995, two of the company's outside directors resigned from the board, allegedly because of these problems. In July 1995, the company's outside auditor customers and the apparent override of internal controls in the shipping and receiving department. Based on these allegations, plaintiffs allege violations of section 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.

COMPANY INFORMATION:

Sector: Consumer Cyclical
Industry: Recreational Products
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: BOLL
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: N.D. Texas
DOCKET #: 96-CV-00823
JUDGE: Hon. Consuelo B. Marshall
DATE FILED: 03/22/1996
CLASS PERIOD START: 06/29/1994
CLASS PERIOD END: 06/26/1995
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Goodkind Labaton Rudoff & Sucharow LLP
    100 Park Avenue, Goodkind Labaton Rudoff & Sucharow LLP, NY 10017
    212.907.0700 212.818.0477 · info@glrslaw.com
  2. Kilgore & Kilgore
    3131 McKinney Ave., LB 103, Ste. 700, Kilgore & Kilgore , TX 75204-2471
    214.969.9090 214.953.0130 · dcm@kilgorelaw.com
  3. Zwerling, Schachter, Zwerling & Koppell LLP
    767 Third Avenue , Zwerling, Schachter, Zwerling & Koppell LLP, NY 10017
    ·
No Document Title Filing Date
COURT: N.D. Texas
DOCKET #: 96-CV-00823
JUDGE: Hon. Consuelo B. Marshall
DATE FILED: 11/03/1998
CLASS PERIOD START: 06/29/1994
CLASS PERIOD END: 06/26/1995
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Goodkind Labaton Rudoff & Sucharow LLP
    100 Park Avenue, Goodkind Labaton Rudoff & Sucharow LLP, NY 10017
    212.907.0700 212.818.0477 · info@glrslaw.com
  2. Kilgore & Kilgore
    3131 McKinney Ave., LB 103, Ste. 700, Kilgore & Kilgore , TX 75204-2471
    214.969.9090 214.953.0130 · dcm@kilgorelaw.com
  3. Zwerling, Schachter, Zwerling & Koppell LLP
    767 Third Avenue , Zwerling, Schachter, Zwerling & Koppell LLP, NY 10017
    ·
No Document Title Filing Date
No Document Title Filing Date