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Case Status:    SETTLED
On or around 04/01/2003 (Date of order of final judgment)

Filing Date: December 21, 1999

According to the docket, on April 3, 2003, the Court entered the Order and Final Judgment by U.S. District Judge Arthur J. Tarnow dismissing the complaint with prejudice. Earlier, the Amended Complaint was filed, and on September 15, 2000, the defendants filed a motion to dismiss the amended complaint. On May 11, 2001, the Court entered the Opinion and Order by Judge Tarnow granting in part and denying in part motion to dismiss the amended complaint by defendants. Specifically, Judge Tarnow denied the motion to dismiss as to all alleged material misstatements made during the class period, granted the motion as to all alleged material misstatements made after the class period, and granted the motion to dismiss by defendant Underwriters. On February 20, 2003, a Stipulation and Agreement of Settlement was filed. By the Notice of Pendency, the Settlement Fund consisted of $12,680,000 in cash.

The original Complaint charges that the defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. The Complaint alleges that defendants issued a press release on December 9th stating that the Company was unaware of any reason for a recent decline in the Company's stock price. In fact, the defendants were aware that customers were curtailing orders, which would cause a significant revenue shorfall in the fourth quarter. Upon announcement of this revenue shortfall, after the market closed on December 17th, Lason stock lost 50% of its value.

Note: On December 5, 2001, Lason filed a voluntary petition for protection under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware, Case No. 01-11488, and all actions against Lason were stayed by operation of the Bankruptcy laws.

COMPANY INFORMATION:

Sector: Services
Industry: Business Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: LSON
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: E.D. Michigan
DOCKET #: 99-CV-76079
JUDGE: Hon. Arthur J. Tarnow
DATE FILED: 12/21/1999
CLASS PERIOD START: 12/09/1999
CLASS PERIOD END: 12/17/1999
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. Law Offices of Marc S. Henzel (Lawrence)
    335 Central Avenue, Law Offices of Marc S. Henzel (Lawrence), NY 11559
    516.374.0707 516.295.3473 · securitiesfraud@comcast.net
  3. Mantese, Miller and Mantese, P.L.L.C.
    1301 W. Long Lake, Suite 135, Mantese, Miller and Mantese, P.L.L.C., MI 48098
    248.267.1200 ·
  4. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
No Document Title Filing Date
COURT: E.D. Michigan
DOCKET #: 99-CV-76079
JUDGE: Hon. Arthur J. Tarnow
DATE FILED: 06/30/2000
CLASS PERIOD START: 02/17/1998
CLASS PERIOD END: 12/17/1999
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Glancy Binkow & GoldBerg LLP
    1925 Century Park East, Suite 2100, Glancy Binkow & GoldBerg LLP, CA 90067
    310-201-9150 · info@glancylaw.com
  2. Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY)
    One Pennsylvania Plaza, Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY), NY 10119-1065
    212.594.5300 ·
  3. Miller Shea, P.C.
    1301 W Long Lake Rd, Ste 135, Miller Shea, P.C., MI 48098
    248.267.8200 248.267.8200 · info@millershea.com
  4. Wasinger Kickham and Hanley
    100 Beacon Centre, 26862 Woodward Avenue, Wasinger Kickham and Hanley, MI 48067-0958
    248.414.9900 ·
No Document Title Filing Date
No Document Title Filing Date