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Case Status:    SETTLED
On or around 04/19/2005 (Date of order of final judgment)

Filing Date: February 25, 2000

According to a press release dated April 25, 2005, a federal judge has granted final approval of a $7 million settlement in a class action securities suit against Ravisent Technologies Inc. brought by investors who said the company used false statements to inflate the price of its stock at the time of its initial public offering. In his 32-page opinion in In re Ravisent Technologies Inc. Securities Litigation, U.S. District Judge R. Barclay Surrick of the Eastern District of Pennsylvania also awarded attorney fees equal to one-third of the settlement fund -- more than $2.3 million -- to plaintiffs' lawyers from six firms who logged more than 1,700 hours on the case over four years. Sharing the fees will be four Philadelphia firms -- Spector, Roseman & Kodroff, the Law Offices of Bernard M. Gross, Berger & Montague, and Barrack, Rodos & Bacine -- and two New York firms, Milberg Weiss Bershad & Schulman and Kaplan Fox & Kilsheimer. The settlement stems from 11 consolidated lawsuits filed in the wake of news in early 2000 that Ravisent -- a Massachusetts software company now known as Axeda Systems Inc. -- was restating its financials and reporting significant losses.

The Complaint alleges that Ravisent and certain of its officers and directors violated the Securities Exchange Act of 1934. According to the Complaint, defendants commenced and engaged in a scheme to artificially inflate the revenues and profits of Ravisent by improperly recording revenues on contracts in violation of generally accepted accounting principles in order to accomplish the Company's Initial Public Offering (``IPO'') at the maximum prices per share. The Complaint further alleges that defendants' scheme included creating the illusion that Ravisent was an increasingly profitable company. Pursuant to their scheme, defendants determined to effectuate the IPO during the fiscal quarter so that no current period certified financial statements of Ravisent would be included. On February 18, 2000, defendants announced that the release of its 1999 audited financial statements would be delayed due to final audit procedures as a result of the company's discussions with its independent auditors concerning Ravisent's having inappropriately recognized revenue in 1999 on certain contracts. As a result of this announcement, Ravisent's share price plunged $9 to close at $18 9/18 on trading volume in excess of 3,500,000 shares.

COMPANY INFORMATION:

Sector: Technology
Industry: Computer Peripherals
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: RVST
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. Pennsylvania
DOCKET #: 00-CV-01014
JUDGE: Hon. Edmund V. Ludwig
DATE FILED: 02/25/2000
CLASS PERIOD START: 07/15/1999
CLASS PERIOD END: 02/18/2000
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abbey Gardy & Squiteri LLP (San Francisco)
    595 Market Street, Suite 2500, Abbey Gardy & Squiteri LLP (San Francisco), CA 94105
    415.538.3725 ·
  2. Berger & Montague PC
    1622 Locust Street, Berger & Montague PC, PA 19103
    800.424.6690 215.875.4604 · investorprotect@bm.net
  3. Law Offices of Bernard M. Gross (Philadelphia) (former)
    1515 Locust Street, 2nd Floor, Law Offices of Bernard M. Gross (Philadelphia) (former), PA 19102
    215-561-3600 215-561-3000 · bmgross@bernardmgross.com
  4. Law Offices of Bruce G. Murphy
    265 Llwyds Lane, Law Offices of Bruce G. Murphy, FL 32963
    561.231.4202 ·
  5. 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
No Document Title Filing Date
COURT: E.D. Pennsylvania
DOCKET #: 00-CV-01014
JUDGE: Hon. Edmund V. Ludwig
DATE FILED: 06/14/2000
CLASS PERIOD START: 07/15/1999
CLASS PERIOD END: 04/27/2000
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Barrack, Rodos & Bacine (former New York)
    170 E. 61st Street, Second Floor, Barrack, Rodos & Bacine (former New York), NY 10021
    212.688.0782 212.688.0783 · info@barrack.com
  2. Berger & Montague PC
    1622 Locust Street, Berger & Montague PC, PA 19103
    800.424.6690 215.875.4604 · investorprotect@bm.net
  3. 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
  4. Law Offices of Bernard M. Gross (Philadelphia) (former)
    1515 Locust Street, 2nd Floor, Law Offices of Bernard M. Gross (Philadelphia) (former), PA 19102
    215-561-3600 215-561-3000 · bmgross@bernardmgross.com
  5. Law Offices of Bruce G. Murphy
    265 Llwyds Lane, Law Offices of Bruce G. Murphy, FL 32963
    561.231.4202 ·
  6. 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 ·
  7. Savett Frutkin Podell & Ryan, P.C.

    800.993.3233 · sfprpc@op.net
  8. 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
No Document Title Filing Date
No Document Title Filing Date