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Case Status:    DISMISSED    
On or around 11/19/2002 (Date of order of final judgment)

Filing Date: July 19, 2000

According the latest docket posted, on November 19, 2002, the Court entered the Order signed by U.S. District Judge Maxine M. Chesney granting the motion to dismiss Third Amended Complaint with prejudice. That day, the Court also entered Judgment, and the case was dismissed with prejudice.

As summarized by the Company’s FORM 10-Q for the quarterly period ended September 30, 2002, in July 2000, a lawsuit entitled Jiminez v. Pinnacle Systems, Inc. et al., No. 00-CV-2596 was filed in the United States District Court for the Northern District of California against the Company and certain of its officers and directors. Additional actions based on the same allegations were filed in the same Court. In October 2000, all of the actions were consolidated under the name In re Pinnacle Systems, Inc. Securities Litigation, Master File No. C-00-2596-MMC, and lead plaintiffs and lead counsel were appointed. The consolidated action is a putative class action alleging that defendants violated the federal securities laws by making false and misleading statements concerning the Company’s business during a putative class period of April 18, 2000 through July 10, 2000. Plaintiffs seek unspecified damages. Plaintiffs filed a consolidated amended complaint in December 2000, and defendants thereafter moved to dismiss that complaint. In a written order dated May 7, 2001, the Court dismissed the consolidated amended complaint and permitted plaintiffs to file an amended complaint. Plaintiffs filed a second amended complaint in June 2001. Defendants thereafter moved to dismiss that complaint. In a written order dated January 25, 2002, the Court dismissed the second amended complaint and granted plaintiffs leave to amend. On March 22, 2002, plaintiffs filed a third consolidated amended complaint. Defendants’ motions to dismiss plaintiffs’ third consolidated amended complaint is currently scheduled to be heard on November 15, 2002.

The original complaint alleges that defendants' false and misleading statements concerning the revenues to be derived from its streaming media products, which would result in 4thQ and Fiscal 2000 (to end 6/30/00) EPS of $.17 and $.58, artificially inflated the price of Pinnacle stock to a Class Period high of $30-5/8. This upsurge in Pinnacle's stock caused by defendants' false and misleading statements allowed the insiders to sell 78,000 shares of their Pinnacle stock for proceeds of $2.1 million and enabled Pinnacle to complete the $24 million acquisition of the Avid Sports business. On 7/11/00, shortly after the acquisition was completed on 6/30/00, Pinnacle revealed that it was in fact suffering a huge drop in revenues and exposed the problems Pinnacle had been experiencing during the Class Period in successfully selling its products. This announcement caused its stock price to drop to as low as $8-13/16 on record volume of 23.7 million shares on 7/11/00 causing hundreds of millions of dollars in damages to members of the Class.

COMPANY INFORMATION:

Sector: Technology
Industry: Computer Hardware
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: PCLE
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: N.D. California
DOCKET #: 00-CV-2596
JUDGE: Hon. Maxine M. Chesney
DATE FILED: 07/19/2000
CLASS PERIOD START: 04/18/2000
CLASS PERIOD END: 07/10/2000
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. 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 ·
  2. Finkelstein & Krinsk LLP
    501 West Broadway, Suit 1250, Finkelstein & Krinsk LLP, CA 92101
    877.493.5366 619.238.5425 ·
  3. 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
  4. 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
  5. Milberg Weiss Bershad Hynes & Lerach LLP (S.F., CA)
    100 Pine Street - Suite 2600, Milberg Weiss Bershad Hynes & Lerach LLP (S.F., CA), CA 94111
    415.288.4545 415.288.4534 ·
  6. 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
  7. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
  8. 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: N.D. California
DOCKET #: 00-CV-2596
JUDGE: Hon. Maxine M. Chesney
DATE FILED: 03/22/2002
CLASS PERIOD START: 04/18/2000
CLASS PERIOD END: 07/10/2000
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cauley & Geller (Boca Raton)
    2255 Glades Road, #421A, Cauley & Geller (Boca Raton), FL 33431
    561.750.3000 ·
  2. Milberg Weiss Bershad Hynes & Lerach LLP (S.F., CA)
    100 Pine Street - Suite 2600, Milberg Weiss Bershad Hynes & Lerach LLP (S.F., CA), CA 94111
    415.288.4545 415.288.4534 ·
  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
No Document Title Filing Date
No Document Title Filing Date