Case Page

 

Case Status:    SETTLED
On or around 03/31/2003 (Date of order of final judgment)

Filing Date: June 09, 2000

According to a Press Release dated April 01, 2003, on March 28, 2003, the
United States District Court for the District of Colorado held a
fairness hearing regarding the settlement of Vari-L's private securities
class action lawsuit. At such hearing, the court approved the settlement
of the class action as fair and reasonable to the members of the class.
Following the March 28, 2003 fairness hearing, the court entered its
final judgment and order of dismissal of the actions with prejudice
whereby the court approved the settlement of the class action pursuant
to the stipulation of settlement. Under the terms of the stipulation of
settlement, Vari-L will pay the class $250,000 in cash and issue two
million shares of its common stock.

On October 3, 2002, Vari-L and the class representatives reached an agreement in principle for the settlement of the litigation and executed a memorandum of
understanding, subject to court approval. On January 22, 2003 the
parties filed with the court a stipulation of settlement setting forth
the terms and conditions of the proposed settlement of the class action.
On January 29, 2003 the court issued its order preliminarily approving
the settlement of the class action, certification of the class, and the
provision of notice to members of the class.

The original complaint charged Vari-L and certain of its officers, with violations of the federal securities laws by issuing materially false and misleading financial statements. The Company, on May 17, 2000, revealed that it would be restating its previously reported financial results for the period ended December 31, 1997, and potentially other periods as well. In addition, during the Class Period insiders sold massive amounts of stock, reaping substantial proceeds as a result of the inflated value of Vari-L's stock. After the
Company's announcement, Vari-L shares fell roughly $5 per share from their May
16 close of $16.188, to close at $11.25 on May 22, 2000, a drop of roughly 35%,
as the market fully absorbed the impact of these disclosures.

COMPANY INFORMATION:

Sector: Technology
Industry: Electronic Instruments & Controls
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: VARL
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: D. Colorado
DOCKET #: 00-CV-1181
JUDGE: Hon. Robert E. Blackburn
DATE FILED: 06/09/2000
CLASS PERIOD START: 12/17/1997
CLASS PERIOD END: 05/17/2000
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bailey, Harring & Peterson, P.C.
    1660 Lincoln St., Suite 3175, Lincoln Center, Bailey, Harring & Peterson, P.C., CO 80264
    303.837.1660 ·
  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. Burt & Pucillo LLP
    515 North Flagler Drive, Northbridge Centre, Suite 1701, Burt & Pucillo LLP, FL 33401
    800.349.4612 ·
  4. Cauley, Geller, Bowman, Coates & Rudman LLP (San Diego, CA)
    225 Broadway, Suite 1900, Cauley, Geller, Bowman, Coates & Rudman LLP (San Diego, CA), CA 92010
    619.702.7350 619.702.7351 ·
  5. Faruqi & Faruqi LLP (New York) (former)
    320 East 39th Street, Faruqi & Faruqi LLP (New York) (former), NY 10016
    212.983.9330 212.983.9331 · Nfaruqi@faruqilaw.com
  6. 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
  7. Kenneth A. Elan (Chicago )
    30 North LaSalle Street, Suite 3200, Kenneth A. Elan (Chicago ), IL 60602
    312782.4880 · mmiller@millerfauchner.com
  8. Law Offices of Leo W. Desmond
    2161 Palm Beach Lakes Blvd., Suite 204, Law Offices of Leo W. Desmond, FL 33409
    888.337.6663 · Info@SecuritiesAttorney.com
  9. Levy & Levy

    ·
  10. 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
  11. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
  12. Robert C. Susser
    6 East 43rd Street, Robert C. Susser, NY 10017-4609
    212.808.0298 · classaction@mail.com
  13. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
  14. Spector Roseman & Kodroff (San Diego)
    1818 Market Street, Suite 2500, Spector Roseman & Kodroff (San Diego), PA 19103
    215.496.0300 215.496.6611 ·
  15. 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
COURT: D. Colorado
DOCKET #: 00-CV-1181
JUDGE: Hon. Robert E. Blackburn
DATE FILED: 10/09/2001
CLASS PERIOD START: 12/17/1997
CLASS PERIOD END: 07/06/2000
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. 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
  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. 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