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Case Status:    SETTLED
On or around 01/19/2005 (Date of order of final judgment)

Filing Date: July 07, 2000

According to the docket dated March 10, 2005, on January 19, 2005, the Court entered the Order by U.S. District Judge John L. Kane granting the Lead Plaintiff’s motion for Order approving the class action settlement, the plan of allocation, the application by plaintiffs’ co-lead counsel for an award of attorney fees and reimbursements of expenses, and the application for award to the representative plaintiffs. The Court further entered the Final Judgment and Order dismissing the case with prejudice.

On November 12, 2004, class plaintiffs in the class action litigation against FirstWorld Communications, Inc. (now known as Verado Holdings, Inc.), led by four individual lead plaintiff class representatives, obtain preliminary approval of a $25.925 million settlement reached with defendants in this case brought in the District of Colorado against FirstWorld Communications, Inc., members of its management team and underwriters of the initial public offering of FirstWorld's stock in March 2000. The settlement came during the discovery phase of the case, when plaintiffs were gathering the evidence they needed to support the allegations in the lawsuit. Class plaintiffs had alleged that defendants misled investors about the company's business plan in the offering documents.

The court has scheduled a hearing for January 18, 2005, to consider whether the settlement is fair, reasonable and adequate. Any class member who desires to participate in a distribution of the proceeds of the settlement, assuming it is approved, must submit a proof of claim form to the claims administrator by March 22, 2005.

The complaint charges that the Company and certain of its officers and directors violated the federal securities laws by issuing a false and misleading Registration Statement and Prospectus for the IPO of FirstWorld common stock. The complaint alleges that as a direct result of the falsity of the Registration Statement and Prospectus, FirstWorld's IPO was sold at a price far exceeding the true value of the stock at that time.

COMPANY INFORMATION:

Sector: Services
Industry: Communications Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: VRDO
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-1376
JUDGE: Hon. Walker D. Miller
DATE FILED: 07/07/2000
CLASS PERIOD START: 03/08/2000
CLASS PERIOD END: 07/06/2000
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Barrack, Rodos & Bacine (San Diego - former)
    402 West Broadway , Barrack, Rodos & Bacine (San Diego - former), CA 92101
    619.230.0800 619.230.1874 · 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. 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 ·
  4. Dyer, Donnelly & Lilly
    825 Logan Street, Dyer, Donnelly & Lilly 80203-3114
    303.861.3003 ·
  5. Finkelstein & Krinsk LLP
    501 West Broadway, Suit 1250, Finkelstein & Krinsk LLP, CA 92101
    877.493.5366 619.238.5425 ·
  6. Law Firm of Harvey Greenfield (New York)
    60 East 42nd Street, Law Firm of Harvey Greenfield (New York), NY 10165
    212.949.5500 ·
  7. Law Offices of Charles J. Piven, P.A.
    World Trade Center-Baltimore,401 East Pratt Suite 2525, Law Offices of Charles J. Piven, P.A., MD 21202
    410.332.0030 · pivenlaw@erols.com
  8. 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
  9. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
  10. Spector Roseman & Kodroff (San Diego)
    1818 Market Street, Suite 2500, Spector Roseman & Kodroff (San Diego), PA 19103
    215.496.0300 215.496.6611 ·
  11. Stull, Stull & Brody (New York)
    6 East 45th Street, Stull, Stull & Brody (New York), NY 10017
    310.209.2468 310.209.2087 · SSBNY@aol.com
  12. 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-1376
JUDGE: Hon. Walker D. Miller
DATE FILED: 03/07/2003
CLASS PERIOD START: 03/08/2000
CLASS PERIOD END: 07/07/2000
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Barrack, Rodos & Bacine (Main office, Philadelphia)
    Two Commerce Square, 2001 Market Street, Suite 3300 , Barrack, Rodos & Bacine (Main office, Philadelphia), PA 19103
    215.963.0600 215.963.0838 · info@barrack.com
  2. Dyer & Shuman, LLP
    801 East 17th Avenue, Dyer & Shuman, LLP, CO 80218-1417
    303.861.3003 800.711.6483 · info@dyershuman.com
  3. Finkelstein & Krinsk LLP
    501 West Broadway, Suit 1250, Finkelstein & Krinsk LLP, CA 92101
    877.493.5366 619.238.5425 ·
  4. Lerach Coughlin Stoia Geller Rudman & Robbins LLP (San Diego)
    401 B Street, Suite 1700, Lerach Coughlin Stoia Geller Rudman & Robbins LLP (San Diego), CA 92101
    206.749.5544 206.749.9978 · info@lerachlaw.com
  5. 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
No Document Title Filing Date
No Document Title Filing Date