Case Page

 

Case Status:    SETTLED
On or around 07/18/2005 (Date of order of final judgment)

Filing Date: August 09, 2000

According to co-lead counsel's website, after arms-length negotiations, Lead Plaintiffs and collectively with the Director Defendants agreed to settle the claims against the Director Defendants. Pursuant to the terms of the Director Settlement, a Settlement Fund in the amount of $5,270,000 will be created for the benefit of the Class. On March 2, 2005, Lead Plaintiffs and Defendant FLV entered into a Stipulation and Agreement of Settlement (the “FLV Stipulation”) to settle the claims asserted against FLV. Pursuant to the terms of FLV proposed settlement, as set forth more fully in the FLV Stipulation, a Settlement Fund in the amount of $250,000 will be created for the benefit of the Class. In March 2005, the Court issued Orders preliminarily approving the Directors and FLV Settlements. A Fairness Hearing to determine, among other things, whether the proposed settlements with the Directors and FLV are fair, reasonable and adequate was held May 24, 2005. On July 18, 2005, Judge Patti B. Saris signed a Final Judgment approving the Settlements and the Plan of Allocation and awarding Plaintiffs’ Counsel attorneys’ fees and reimbursement of expenses.

On October 7, 2004, accounting firms KPMG Bedrijfsrevisoren of Belgium ("KPMG Belgium") and KPMG LLP of the United States (together the "KPMG Defendants") agreed to pay a total of $115 million to settle the claims against them stemming from the collapse of L&H. The payment by the KPMG Defendants represents one of the largest combined recoveries from accounting firms in a securities class action. On October 14, 2004, the Court issued an order granting Preliminary Approval of this partial settlement with the KPMG Defendants; certifying the action "as a class action on behalf of all persons or entities who purchased the common stock of L&H on the NASDAQ Stock Market or who purchased L&H call options or sold L&H put options on any United States-based options exchange between April 28, 1999 and November 9, 2000, inclusive"; and setting a Settlement Fairness Hearing, to determine among other things, whether this proposed partial settlement is fair, reasonable and adequate, whether the Plan of Allocation for the proceeds of the Settlement is fair and reasonable and to consider Plaintiffs' Counsel's application for attorneys' fees and reimbursement of expenses, for December 20, 2004. On December 20, 2004, the Settlement Fairness Hearing was held and on December 22, 2004, Judge Saris signed an Order and Final Judgment approving the Settlement and the Plan of Allocation and awarding Plaintiffs’ Counsel attorneys’ fees.

During 2002, Lead Plaintiffs successfully defeated several motions to dismiss filed by the Defendants. The case then proceeded into the discovery phase of the litigation.

On September 21, 2001, Lead Plaintiffs filed their First Consolidated and Amended Complaint (the "Complaint") against certain officers and directors of L&H, KPMG and other defendants involved in the securities fraud at the Company. Lead Plaintiffs also expanded their Class Period to include all investors who purchased L&H common stock or call options or sold L&H put options from April 28, 1998 through and including November 8, 2000. The Company was not named as a Defendant in the Complaint due to its November 2000 bankruptcy filing.

In January 2001, the Court appointed three shareholders as Lead Plaintiffs and appointed Lead Counsel.

The original complaints allege that the Company’s statements regarding its business and financial results were materially misleading because they included overstated and/or fictitious sales in Korea. After the truth about the Korean sales was revealed, the price of L&H’s shares fell as low as $26-3/4 per share.

Additional actions were also brought against the Company in the Eastern District of Pennsylvania. In response to a motion brought by Defendants, the Pennsylvania actions have been transferred to the District of Massachusetts.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: LHSPQ
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. Massachusetts
DOCKET #: 00-CV-11589
JUDGE: Hon. Patti B. Saris
DATE FILED: 08/09/2000
CLASS PERIOD START: 02/09/2000
CLASS PERIOD END: 08/07/2000
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. Bernstein Litowitz Berger & Grossmann LLP (former San Diego)
    12544 High Bluff Drive, Suite 150, Bernstein Litowitz Berger & Grossmann LLP (former San Diego), CA 92130
    858.793.0070 858.793.0323 · blbg@blbglaw.com
  3. Brodsky & Smith, LLC (former Pennysylvania)
    11 Bala Avenue, Suite 39, Brodsky & Smith, LLC (former Pennysylvania), PA 19004
    610.668.7987 610.660.0450 · esmith@Brodsky-Smith.com
  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. 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
  6. Leo W. Desmond
    2161 Palm Beach Lakes Boulevard, Suite 204, Leo W. Desmond, FL 33409
    561.712.8000 561.712.8000 · stocklaw@bellsouth.net
  7. Rabin & Peckel LLP
    275 Madison Avenue, 34th Floor, Rabin & Peckel LLP, NY 10016
    212.682.1818 212.682.1892 · email@rabinlaw.com
  8. Savett Frutkin Podell & Ryan, P.C.

    800.993.3233 · sfprpc@op.net
  9. 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
  10. 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. Massachusetts
DOCKET #: 00-CV-11589
JUDGE: Hon. Patti B. Saris
DATE FILED: 09/21/2001
CLASS PERIOD START: 04/28/1998
CLASS PERIOD END: 11/08/2000
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. Bernstein Litowitz Berger & Grossmann LLP (former San Diego)
    12544 High Bluff Drive, Suite 150, Bernstein Litowitz Berger & Grossmann LLP (former San Diego), CA 92130
    858.793.0070 858.793.0323 · blbg@blbglaw.com
  3. Cauley Bowman Carney & Williams, PLLC (Little Rock)
    11001 Executive Center Drive, Suite 200, Cauley Bowman Carney & Williams, PLLC (Little Rock), AR 72211
    501.312.8500 888.551.9944 · info@cauleybowman.com
  4. Cauley Geller Bowman & Coates LLP
    11311 Arcade Drive - Suite 201, Cauley Geller Bowman & Coates LLP, AR 72212
    501.312.8500 ·
  5. Cauley Geller, Bowman Coates & Rudman, LLP (Boca Raton, FL)
    One Boca Place. 2255 Glades Road, Suite 421A, Cauley Geller, Bowman Coates & Rudman, LLP (Boca Raton, FL), FL 33431
    561.750.3000 561.750.3364 ·
  6. Shalov Stone & Bonner LLP
    276 Fifth Avenue, Suite 704, Shalov Stone & Bonner LLP, NY 10001
    212.686.8004 212.686.8005 · lawyer@lawssb.com
No Document Title Filing Date
No Document Title Filing Date