Case Page

 

Case Status:    DISMISSED    
On or around 02/07/2000 (Other)

Filing Date: January 06, 1998

According to the firm's 10-K dated 4/24/2000, on May 18, 1998, the District Court entered an order consolidating the securities class action litigation into a single action entitled in Re PETsMART, Inc. Securities Litigation, CIV-98-20-PHX-ROS (JBM), amended complaint in the District Court. The Company and the individual defendants filed a motion to dismiss the consolidated amended complaint, and on June 3, 1999, the Court entered an order granting the motion to dismiss. The Plaintiffs filed a notice of appeal, but they subsequently stipulated to dismiss their appeal. Accordingly, the action has been fully and finally resolved.

The original complaint alleged that defendants violated the federal securities laws (Sections 10(b) and 20(a) of the Securities Exchange Act of 1934) by misrepresenting or failing to disclose material information about PETsMART's financial results. The complaint alleged that defendants issued false and misleading press releases and financial statements for 1996 and 1997 and improperly deferred the write down of its obsolete preventive flea and tick inventory. As a result of defendants' false and misleading statements and material omissions, the price of PETsMART's stock was substantially artificially inflated during the Class Period, such that persons who purchased common stock during the Class Period were damaged by overpaying for the stock.

COMPANY INFORMATION:

Sector: Services
Industry: Retail (Specialty)
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: PETM
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. Arizona
DOCKET #: 98-CV-00020
JUDGE: Hon. James B. Moran
DATE FILED: 01/06/1998
CLASS PERIOD START: 11/19/1996
CLASS PERIOD END: 09/17/1997
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Wechsler Harwood LLP
    488 Madison Avenue 8th Floor, Wechsler Harwood LLP, NY 10022
    212.935.7400 · info@whhf.com
No Document Title Filing Date
COURT: D. Arizona
DOCKET #: 98-CV-00020
JUDGE: Hon. James B. Moran
DATE FILED: 07/21/1998
CLASS PERIOD START: 11/19/1996
CLASS PERIOD END: 09/17/1997
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bonnett, Fairbourn, Friedman & Balint, PC (Phoenix)
    2901 North Central Avenue - Suite 1000, Bonnett, Fairbourn, Friedman & Balint, PC (Phoenix), AZ 85012
    602.274.1100 602.274.1199 ·
  2. Wechsler Harwood LLP
    488 Madison Avenue 8th Floor, Wechsler Harwood LLP, NY 10022
    212.935.7400 · info@whhf.com
No Document Title Filing Date