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Case Status:    SETTLED
On or around 12/13/2000 (Date of order of final judgment)

Filing Date: February 18, 1999

According to the docket posted, on December 13, 2000, the Court entered the Order and Final Judgment. The settlement was approved, and the Third Revised Consolidated Class Action Complaint was dismissed in its entirety on its merits, with prejudice, and without costs. The Court further entered that day the Order awarding Plaintiffs' Counsel attorneys’ fees of $3,375,000.00 and reimbursement for litigation expenses in the amount of $1,433,817.53. The case is closed.

As reported by the Form 10-Q for the quarter ended June 30, 2000, in July 2000, the company reached an agreement to settle the outstanding consolidated settlement that provides the plaintiffs a cash payment of $11,000,000 million to be made by the company's insurance carrier and warrants to be issued by the company having an aggregate value of $11,500,000 that are exercisable into the company's common stock at a ten percent discount to the market price at the time the settlement is approved by the court. The company expects final documentation and court approval to occur before year end.

According to the Company's Form 10-Q for the quarter ended June 30, 1999, on May 21,1999, the cases were consolidated into a single class action and, on May 28, 1999, an amended consolidated class action complaint was filed with the District Court. An additional class action complaint was filed on behalf of purchasers of call options on July 1, 1999. The District Court consolidated that case with the previous action on July 30, 1999. Also, according to Wolf Haldenstein Adler Freeman & Herz LLP, in November 1999, the court denied the defendant's motion to dismiss the expanded class. Discovery in this case has resumed and on March 28, 2000, a revised consolidated complaint was filed with the court.

The original Complaint charges that Orbital and its two highest officers violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. The Complaint alleges that defendants issued a series of materially false and misleading financial statements and failed to reveal that the Company was employing fraudulent accounting methods which artificially inflated Orbital's earnings. After the close of trading on February 16, 1999, the Company announced that, due to the improper accounting treatment of certain items, the Company would materially restate earnings for the first three quarters of 1998. Its earnings had been decreasing in the first three quarters of 1998, not increasing as previously claimed. The Complaint further alleges that defendants utilized their inside information regarding the artificial inflation of the Company's stock price to sell significant amounts of their personal Orbital holdings, for proceeds of over $3 million.

COMPANY INFORMATION:

Sector: Capital Goods
Industry: Aerospace & Defense
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: ORB
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: E.D. Virginia
DOCKET #: 99-CV-197
JUDGE: Hon. Albert V. Bryan Jr.
DATE FILED: 02/18/1999
CLASS PERIOD START: 04/21/1998
CLASS PERIOD END: 02/16/1999
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Berger & Montague PC
    1622 Locust Street, Berger & Montague PC, PA 19103
    800.424.6690 215.875.4604 · investorprotect@bm.net
  2. Cohen Milstein Hausfeld & Toll PLLC (Seattle WA)
    701 Fifth Avenue, Suite 6860, Cohen Milstein Hausfeld & Toll PLLC (Seattle WA), WA 98014
    206.521.0080 206.521.0166 · lawinfo@cmht.com
No Document Title Filing Date
COURT: E.D. Virginia
DOCKET #: 99-CV-197
JUDGE: Hon. Albert V. Bryan Jr.
DATE FILED: 03/28/2000
CLASS PERIOD START: 07/22/1997
CLASS PERIOD END: 10/29/1999
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cohen, Gettings & Dunham, P.C.
    2200 Wilson Boulevard - Suite 800, Cohen, Gettings & Dunham, P.C., VA 22201
    703.525.2260 ·
  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. Shepherd & Geller LLC
    117 Gayley Street, Suite 200, Shepherd & Geller LLC, PA 19063
    ·
  4. Wolf Haldenstein Adler Freeman & Herz LLP (New York)
    270 Madison Avenue, Wolf Haldenstein Adler Freeman & Herz LLP (New York), NY 10016
    212.545.4600 212.686.0114 · newyork@whafh.com
No Document Title Filing Date