Case Page

 

Case Status:    SETTLED
On or around 03/01/2000 (Date of order of final judgment)

Filing Date: April 01, 1998

According to Company's Form 10-K for the fiscal year ended December 31, 1999, the Company and the individual defendants filed motions to dismiss the Consolidated Amended Complaint on March 5, 1999. Oral arguments on the motions were held on April 21, 1999 and the Court granted the Company's and the individual defendants' motions to dismiss the Consolidated Amended Complaint pursuant to an order dated June 1, 1999. The plaintiffs appealed the Court's order of dismissal. The Company contested the appeal and supported the Court's order of dismissal. In December, 1999, the parties agreed to settle the lawsuit. The Company received final approval on February 28, 2000 from the Court of the settlement of the action. The $2.8 million settlement became effective and the appeal period expired on March 29, 2000. The settlement was funded entirely by the Company's directors and officers liability insurer and the Company and the individual defendants received a full release and dismissal of all claims brought by the class during the class period.

The complaint alleges that defendants Peritus, the Chief Executive Officer of Peritus, the Chief Operating Officer and the Chief Financial Officer of the Company 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 in a manner which concealed the adverse impact of its October 1997 merger with Millennium Dynamics Inc. (MDI). As a result of merger integration problems, which the Company failed to disclose, earnings for the third an fourth quarters of 1997 were materially overstated, and the Company's stock was artificially inflated as a result thereof. Upon disclosure by the Company, that revenues had been adversely effected by the merger, and that the Company would lose as much as $0.09 per share in the first quarter of 1998, and that the second quarter of 1998 would be burdened with a restructuring charge, the price of the stock dropped precipitously. Additionally, the complaint alleges that certain of the defendants, and Company insiders disposed of substantial quantities of Peritus common stock during the Class Period, immediately prior to the Company's negative announcements, while the price of Peritus common stock was still artificially inflated by the materially false and misleading statements alleged.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: PTUS
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. Massachusetts
DOCKET #: 98-CV-10578
JUDGE: Hon. William G. Young
DATE FILED: 04/01/1998
CLASS PERIOD START: 10/22/1997
CLASS PERIOD END: 03/27/1998
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abbey Gardy & Squiteri LLP (San Francisco)
    595 Market Street, Suite 2500, Abbey Gardy & Squiteri LLP (San Francisco), CA 94105
    415.538.3725 ·
  2. Goodkind Labaton Rudoff & Sucharow LLP
    100 Park Avenue, Goodkind Labaton Rudoff & Sucharow LLP, NY 10017
    212.907.0700 212.818.0477 · info@glrslaw.com
  3. Leo W. Desmond
    2161 Palm Beach Lakes Boulevard, Suite 204, Leo W. Desmond, FL 33409
    561.712.8000 561.712.8000 · stocklaw@bellsouth.net
  4. Milberg Weiss Bershad Hynes & Lerach LLP (San Diego, CA)
    600 West Broadway, 1800 One America Plaza, Milberg Weiss Bershad Hynes & Lerach LLP (San Diego, CA), CA 92101
    800.449.4900 · support@milberg.com
  5. Moulton & Gans LLP
    133 Federal Street, Moulton & Gans LLP, MA 2110
    617.369.7979 ·
  6. Rabin & Garland
    275 Madison Ave - 34th Flr, Rabin & Garland, NY 10016
    212.682.1818 ·
  7. 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
  8. Shapiro Haber & Urmy LLP (Boston)
    75 State Street, Shapiro Haber & Urmy LLP (Boston), MA 02109
    617.439.3939 617.439.0134 · info@shulaw.com
  9. 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
  10. Wechsler, Harwood, Halebian & Feffer, LLP
    488 Madison Avenue, Wechsler, Harwood, Halebian & Feffer, LLP, NY
    212.935.7400 10022 ·
  11. Wolf Popper, LLP
    845 Third Avenue, Wolf Popper, LLP, NY 10022-6689
    877.370.7703 212.486.2093 · IRRep@wolfpopper.com
No Document Title Filing Date
COURT: D. Massachusetts
DOCKET #: 98-CV-10578
JUDGE: Hon. William G. Young
DATE FILED: 01/08/1999
CLASS PERIOD START: 10/22/1997
CLASS PERIOD END: 03/27/1998
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abbey Gardy & Squiteri LLP (San Francisco)
    595 Market Street, Suite 2500, Abbey Gardy & Squiteri LLP (San Francisco), CA 94105
    415.538.3725 ·
  2. Goodkind Labaton Rudoff & Sucharow LLP
    100 Park Avenue, Goodkind Labaton Rudoff & Sucharow LLP, NY 10017
    212.907.0700 212.818.0477 · info@glrslaw.com
  3. Moulton & Gans LLP
    133 Federal Street, Moulton & Gans LLP, MA 2110
    617.369.7979 ·
  4. Rabin & Garland
    275 Madison Ave - 34th Flr, Rabin & Garland, NY 10016
    212.682.1818 ·
  5. Reinhardt & Anderson
    E 1000 First Bank Bldg - 332 Minnesota Street, Reinhardt & Anderson, MN 55101
    651.227.9990 ·
  6. 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
  7. Wechsler, Harwood, Halebian & Feffer, LLP
    488 Madison Avenue, Wechsler, Harwood, Halebian & Feffer, LLP, NY
    212.935.7400 10022 ·
  8. Wolf Popper, LLP
    845 Third Avenue, Wolf Popper, LLP, NY 10022-6689
    877.370.7703 212.486.2093 · IRRep@wolfpopper.com
No Document Title Filing Date