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Case Status:    SETTLED
On or around 05/28/2003 (Date of order of final judgment)

Filing Date: July 20, 2000

By the Order and Final Judgment entered on May 28, 2003, the settlement set forth in the Settlement Agreement is approved, and the complaint is dismissed with prejudice and without costs.

By the Notice of Proposed Settlement of Class Action Against Anicom Director and Officer Defendants, and Hearing on Proposed Settlement and Attorneys' Fee Petition, a second proposed settlement has been reached in this case. The first settlement - already approved by the federal district court in Chicago - was with PricewaterhouseCoopers ("PwC"), the former Anicom independent auditors. This second proposed settlement is with four former officers and directors of the now-bankrupt Anicom Inc. - former board chairman, former CEO, former CFO, and former COO. Together with the previous PwC settlement, this second proposed settlement would provide a gross recovery of between $11 million and $11.5 million to members of the overall Anicom Shareholder Class (those who purchased shares of Anicom common stock on the open market between April 29, 1998 and July 18, 2000, inclusive). This second proposed settlement alone would provide an immediate gross recovery to the Anicom Shareholder Class of $5,263,750, with the possibility of an increase up to $5,763,750.

PwC settled with the PwC Shareholder Class (defined as persons who purchased common stock of Anicom over the open market between February 17, 1999 and July 18, 2000, inclusive). After notice to PwC Shareholder Class members, the PwC Settlement was approved by this Court in an Order and Final Judgment on November 26, 2002 . This settlement resulted in a recovery of approximately $5,750,000 to the members of the PwC Shareholder Class.

On July 13, 2001, Lead Plaintiff SWIB filed its First Amended Consolidated Class Action Complaint, amending the claims previously filed in federal district court, to allege that PwC, Anicom's auditor during the class period, also participated in the fraud alleged against Anicom and the Individual Defendants. PwC filed a motion to dismiss these claims, which was denied on November 20, 2001. On March 26, 2002, over PwC's objections, the Court granted SWIB's motion for class certification, certifying a plaintiff class against PwC.

On January 5, 2001, Anicom filed a voluntary petition of relief under Chapter 11 § 101 (the "Bankruptcy Code"), which is currently pending before Judge Susan Pierson Sonderby, in the United States Bankruptcy Court for the Northern District of Illinois ("Bankruptcy Court"). The Joint Recovery Agreement was approved by the Bankruptcy Court and later approved by the District Court, after notice to class members in the Securities Shareholder Class Action and approval hearing, pursuant to Rule 23 of the Federal Rules of Civil Procedure and the PSLRA.

Similar cases were consolidated before United States District Judge John W. Darrah. Consistent with the requirements of Rule 23 and the PSLRA, SWIB, a member of the purported class, filed a motion seeking to be selected as Lead Plaintiff of the Shareholder Class, and the Court, having determined that SWIB was the class member "most capable of adequately representing the interests of class members," appointed SWIB as Lead Plaintiff and approved SWIB's selection of Susman Godfrey, L.L.P., as Lead Counsel, with assistance from Foley & Lardner and Keller Rohrback, L.L.P. A Consolidated Complaint was filed December 18, 2000.

The original Complaint charges that Anicom and its executives violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, by issuing a series of false and misleading statements during the Class Period that materially overstated Anicom's revenues, income and earnings growth. These statements were materially false and misleading since they were attributable to improper accounting practices which resulted in overstatement of net assets in violation of Generally Accepted Accounting Principles ("GAAP"). As a result of Anicom's materially false and misleading statements, the market price of the Company's common stock was artificially inflated during the Class Period. On July 18, 2000, Anicom revealed to the market that it was investigating possible "accounting irregularities" which could result in a revision of its 1998 and 1999 financial statements. It is currently believed that the total effect of these accounting revisions and charges could be as much as $35 million. Thereafter, Anicom's President and Chief Financial Officer took administrative leave pending completion of the Company's investigation. Following the announcement, trading in Anicom common stock was halted and has not yet resumed.


Sector: Technology
Industry: Computer Hardware
Headquarters: United States


Ticker Symbol: ANIC
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. Illinois
DOCKET #: 00-CV-4391
JUDGE: Hon. John W. Darrah
DATE FILED: 07/20/2000
CLASS PERIOD END: 07/18/2000
  1. Berger & Montague PC
    1622 Locust Street, Berger & Montague PC, PA 19103
    800.424.6690 215.875.4604 ·
  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 ·
  3. Brodsky & Smith, LLC (former Pennysylvania)
    11 Bala Avenue, Suite 39, Brodsky & Smith, LLC (former Pennysylvania), PA 19004
    610.668.7987 610.660.0450 ·
  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. Cohen Milstein Hausfeld & Toll PLLC (Seattle WA)
    701 Fifth Avenue, Suite 6860, Cohen Milstein Hausfeld & Toll PLLC (Seattle WA), WA 98014
    206.521.0080 206.521.0166 ·
  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 ·
  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 ·
  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 ·
  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 ·
  11. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 ·
  12. Rabin & Peckel LLP
    275 Madison Avenue, 34th Floor, Rabin & Peckel LLP, NY 10016
    212.682.1818 212.682.1892 ·
  13. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 ·
  14. 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 ·
  15. Wolf Popper, LLP
    845 Third Avenue, Wolf Popper, LLP, NY 10022-6689
    877.370.7703 212.486.2093 ·
No Document Title Filing Date
COURT: N.D. Illinois
DOCKET #: 00-CV-4391
JUDGE: Hon. John W. Darrah
DATE FILED: 07/13/2001
CLASS PERIOD END: 07/18/2000
  1. Foley & Lardner
    One IBM Plaza - 330 North Wabash Avenue, Suite 3300, Foley & Lardner, IL 60610
    312.755.1900 312.755.1925 ·
  2. Keller Rohrback LLP (Seattle)
    1201 Third Avenue, Suite 3200, Keller Rohrback LLP (Seattle), WA 98101-3052
    800.776.6044 206.623.3384 ·
  3. Susman, Godfrey LLP (Dallas)
    4100 Bank of America, 901 Main Street, Susman, Godfrey LLP (Dallas), TX 75202
    214.754.1908 ·
No Document Title Filing Date
No Document Title Filing Date