Case Page

 

Case Status:    SETTLED
On or around 04/03/2000 (Date of order of final judgment)

Filing Date: June 11, 1997

According to the firm's 10-K filing dated 4/02/2001, on July 3, 1997, the Company filed a motion to dismiss the lawsuit. On November 6, 1997, the Court dismissed all of the plaintiff's state law causes of action (in a state action with allegations similar to those of the federal action) against NTN but retained the plaintiff's federal law causes of action. On November 7, 1997, the court granted KPMG LLP's motion to dismiss the plaintiffs' claims against it pursuant to Rule 12(b)(6) of the Federal Rules of Civil Procedure for failure to state a claim upon which relief may be granted. In April 2000, the court approved the Company's settlement agreement with the class of plaintiffs in the Miller litigation and dismissed the litigation as to all defendants. The settlement provides that the Company will pay $3,250,000 as allocated per the approved settlement agreement. The settlement payment is fully covered by the Company's liability insurance.

The complaint alleges that NTN, certain of its officers and directors, and KPMG Peat Marwick LLP, violated federal securities laws by, among other things, violating the disclosure requirements in connection with NTN's filings with the SEC. The complaint alleges that defendants devised an "exit strategy" that would provide certain defendants with millions of dollars of compensation upon their resignation from NTN. The complaint further alleges that defendants made false statements about, and failed to disclose, contingent liabilities and phantom assets in NTN's financial statements and Peat Marwick's audit reports, and failed to disclose a contingent liability known as the "Symphony Put" in the amount of $3.045 million. The complaint also alleges that Peat Marwick failed to follow Generally Accepted Accounting Procedures (GAAP) in rendering audit opinions on NTN's financial statements during the class period.

COMPANY INFORMATION:

Sector: Services
Industry: Broadcasting & Cable TV
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: NTN
Company Market: American SE
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: S.D. California
DOCKET #: 97-CV-01116
JUDGE: Hon. Barry T. Moskowitz
DATE FILED: 06/11/1997
CLASS PERIOD START: 06/19/1992
CLASS PERIOD END: 04/16/1997
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Finkelstein, Thompson & Loughran
    1050 30th Street, NW, Finkelstein, Thompson & Loughran, DC 20007
    202.337.8000 202.337.8090 · contact@ftllaw.com
  2. Krause Kalfayan Benink & Slavens, LLP (San Diego)
    1010 Second Avenue, Suite 1750, Krause Kalfayan Benink & Slavens, LLP (San Diego), CA 92101
    619.232.0331 619.232.4019 ·
No Document Title Filing Date
COURT: S.D. California
DOCKET #: 97-CV-01116
JUDGE: Hon. Barry T. Moskowitz
DATE FILED: 09/11/1997
CLASS PERIOD START: 06/19/1992
CLASS PERIOD END: 04/16/1997
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Finkelstein, Thompson & Loughran
    1050 30th Street, NW, Finkelstein, Thompson & Loughran, DC 20007
    202.337.8000 202.337.8090 · contact@ftllaw.com
  2. Krause Kalfayan Benink & Slavens, LLP (San Diego)
    1010 Second Avenue, Suite 1750, Krause Kalfayan Benink & Slavens, LLP (San Diego), CA 92101
    619.232.0331 619.232.4019 ·
No Document Title Filing Date