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Case Status:    SETTLED
On or around 03/13/2002 (Date of order of final judgment)

Filing Date: January 07, 2000

According to the docket, on March 13, 2002, a Settlement Conference was held before U.S. District Joseph F. Anderson Jr. That same day, the Court entered the Order and Final Judgment. By the Order and Final Judgment, the court certified the action as a class action on behalf of all persons and entities who purchased or acquired the common stock of Policy Management Systems Corp during the period from October 22, 1998 through and including February 10, 2000. The Settlement was approved as fair, reasonable and adequate. The complaint was dismissed with prejudice and without costs except as provided in the stipulation, as against the defendants. The Plan of Allocation was approved as fair and reasonable, and Plaintiffs' Counsel was awarded attorneys' fees in the amount of $2,325,000.00, representing 30% of the Settlement Fund, and the reimbursement of expenses in the amount of $264,419.63. The case is closed.

On March 23, 2000, the Court granted plaintiffs' motion to consolidate all six cases, appointed four members of the class as lead plaintiffs and approved their selection of lead counsel. On May 22, 2000 an amended consolidated complaint was filed in the previously disclosed purported class action filed on behalf of purchasers of the Company's stock during the period October 22, 1998 and February 10, 2000. The defendants responded with a motion to dismiss the amended consolidated complaint. On January 24, 2001, a hearing was held before Chief Judge Joseph F. Anderson Jr. denying the defendants’ motion to dismiss the complaint. On November 28, 2001, a Stipulation and Agreement of Settlement was filed.

The original complaint charges PMSC and certain of its officers and directors with issuing materially false and misleading statements concerning the company's financial condition, its products, and its technologies. Ultimately, the company announced that it would not be releasing fourth quarter and full year results for 1999 as scheduled due to an incomplete audit and that it expected to report an operating loss. Before PMS disclosed this information, however, certain members of the company's senior management team sold a substantial amount of PMS common stock, generating proceeds of over $13 million. The plaintiff seeks to recover damages on behalf of all persons who purchased or otherwise acquired PMS common stock during the Class Period and suffered a loss on their investment.

COMPANY INFORMATION:

Sector: Technology
Industry: Software & Programming
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: PMS
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: D. South Carolina
DOCKET #: 00-CV-00130
JUDGE: Hon. Joseph F. Anderson, Jr.
DATE FILED: 01/07/2000
CLASS PERIOD START: 10/22/1998
CLASS PERIOD END: 01/06/2000
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. Berman DeValerio Pease Tabacco Burt & Pucillo (MA)
    One Liberty Square, Berman DeValerio Pease Tabacco Burt & Pucillo (MA), MA 2109
    617.542.8300 617.230.0903 · info@bermanesq.com
  3. 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
  4. Ness, Motley, Loadholt, Richardson & Poole
    28 Bridgeside Blvd. , Ness, Motley, Loadholt, Richardson & Poole, SC 29464
    843.216.9000 · inquiry@nmlrp.com
  5. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
  6. Shepherd & Geller LLC
    117 Gayley Street, Suite 200, Shepherd & Geller LLC, PA 19063
    ·
No Document Title Filing Date
COURT: D. South Carolina
DOCKET #: 00-CV-00130
JUDGE: Hon. Joseph F. Anderson, Jr.
DATE FILED: 05/22/2000
CLASS PERIOD START: 10/22/1998
CLASS PERIOD END: 02/10/2000
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. 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
  3. Ness, Motley, Loadholt, Richardson & Poole
    28 Bridgeside Blvd. , Ness, Motley, Loadholt, Richardson & Poole, SC 29464
    843.216.9000 · inquiry@nmlrp.com
No Document Title Filing Date
No Document Title Filing Date