Case Page

 

Case Status:    SETTLED
On or around 12/19/2000 (Date of order of final judgment)

Filing Date: October 10, 1997

According to the firm's 10-K filing dated March 28, 2001, in August 2000, the parties entered into a Stipulation of Settlement dated as of August 28, 2000 to resolve the Federal Securities Actions. Among other things, the Stipulation of Settlement provided for the dismissal with prejudice of the Federal Securities Actions upon final approval of the settlement by the District Court. On December 19, 2000, the District Court finally approved the settlement and entered orders and judgments dismissing the Federal Securities Actions with prejudice in accordance with the terms of the Stipulation of Settlement. Amounts paid under the Stipulation of Settlement were funded entirely by the Company's insurance carrier.

In a news article dated August 17, 2000, Oakley Inc. has tentatively agreed to a $17.5-million payment to settle a lawsuit alleging that the sunglasses maker and its executives misled investors. The Foothill Ranch company disclosed the proposed settlement in a regulatory document filed this week but did not list the amount. Financial terms were revealed by one of the plaintiffs' attorneys. Oakley said Tuesday that its insurance carrier, which is paying the bill, opted to settle the case. The insurance company was not identified. The proposed settlement, which must be signed by both sides and approved by Judge Gary Taylor, would resolve a flurry of lawsuits filed against Oakley in 1997 by shareholders.

As reported by the Company’s FORM 10-Q For the Quarterly Period Ended September 30, 2000, on July 10, 1998, the defendants filed motions to dismiss the Federal Securities Actions. On January 14, 1999, the District Court denied the motions to dismiss filed by the Company and the other defendants. On March 3, 1999, the defendants filed answers to the consolidated amended complaints in the Federal Securities Actions. On April 2, 1999, plaintiffs filed motions for class certification in the Federal Securities Actions. On June 24, 1999, the parties submitted to the District Court stipulations and proposed orders for class certification in the Federal Securities Actions. On June 29, 1999, the District Court approved the stipulations and entered orders for class certification in the Federal Securities Actions. In July 2000, an agreement in principle was reached to settle the Federal Securities Action.

The Company and certain of its officers and directors have been named as defendants in five putative class action lawsuits filed in October, November and December 1997 in the United States District Court for the Central District of California, Southern Division. On January 26, 1998, the District Court granted the plaintiffs' motions for appointment of lead plaintiffs and for the selection of lead counsel to the purported plaintiff classes. The District Court further ordered that all of the Federal Securities Actions be consolidated for pretrial purposes. On April 3, 1998, plaintiffs filed consolidated amended complaints in the Federal Securities Actions.

The original complaint alleges that Oakley and its management violated section 10(b) of the Securities Exchange Act of 1934 by making misrepresentations about the company's retail distribution strategy, the demand for its products and new products that it claimed were being successfully developed. The complaint further alleges that defendants misrepresented the truth about whether the difficulties its principal customer (Sunglass Hut) was having would have a negative effect on Oakley. The complaint also alleges that certain Oakley insiders sold stock worth over $200 million.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: OO
Company Market: New York 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: C.D. California
DOCKET #: 97-CV-808
JUDGE: Hon. Gary L. Taylor
DATE FILED: 10/10/1997
CLASS PERIOD START: 03/22/1996
CLASS PERIOD END: 12/05/1996
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Kaplan Fox & Kilsheimer, LLP (former New York, NY)
    805 Third Avenue, 22nd Floor, Kaplan Fox & Kilsheimer, LLP (former New York, NY), NY 10022
    212.687.1980 212.687.7714 · info@kaplanfox.com
  2. 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
No Document Title Filing Date
COURT: C.D. California
DOCKET #: 97-CV-808
JUDGE: Hon. Gary L. Taylor
DATE FILED: 04/06/1998
CLASS PERIOD START: 03/22/1996
CLASS PERIOD END: 12/05/1996
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Blumenthal Ostroff & Markham
    1420 Kettner Blvd - 7th Floor, Blumenthal Ostroff & Markham, CA 92101-2431
    619.239.1111 ·
  2. Kaplan Fox & Kilsheimer, LLP (former New York, NY)
    805 Third Avenue, 22nd Floor, Kaplan Fox & Kilsheimer, LLP (former New York, NY), NY 10022
    212.687.1980 212.687.7714 · info@kaplanfox.com
  3. Kaplan Fox & Kilsheimer, LLP (San Francisco, CA)
    100 Pine Street, 26th Floor, Kaplan Fox & Kilsheimer, LLP (San Francisco, CA), CA 94111
    415.772.4700 415.677.1233 · info@kaplanfox.com
  4. Mager & White
    261 Old Yord Rd - Suite 810, Mager & White, PA 19046
    215.481.0272 ·
  5. Milberg Weiss Bershad Hynes & Lerach LLP (Los Angeles, CA)
    355 S Grand Ave - Ste 4170, Milberg Weiss Bershad Hynes & Lerach LLP (Los Angeles, CA), CA 90071-3172
    213.617.9007 ·
  6. 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
  7. Spector, Roseman & Kodroff (Philadelphia)
    1818 Market Street; Suite 2500, Spector, Roseman & Kodroff (Philadelphia), PA 19103
    215.496.0300 215.496.6610 · classaction@srk-law.com
  8. Weiss & Yourman (Los Angeles, CA)
    10940 Wilshire Blvd - 24th Floor, Weiss & Yourman (Los Angeles, CA), CA 90024
    310.208.2800 310.209.2348 · info@wyca.com
No Document Title Filing Date