Case Page

 

Case Status:    DISMISSED    
On or around 05/12/2008 (Date of order of final judgment)

Filing Date: August 11, 2000

Several similar class action complaints have also been filed in the United States District Court for the District of Massachusetts, Southern District of New York and the Eastern District of New York.

The original complaint charges Xcelera and certain of its officers with violations of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. On April 1, 1999, defendants issued a press release announcing that Xcelera had acquired Mirror Image, Co., and made positive statements in this and subsequent press releases regarding the acquisition without disclosing that Xcelera shareholders could have their interests significantly diluted. The complaint further alleges that Xcelera misled investors by failing to inform them that another corporate transaction involving Mirror Image could cause them to incur significant tax liabilities. These materially misleading statements caused Xcelera's common stock to be artificially inflated throughout the Class Period. Meanwhile, Xcelera insiders took advantage of the inflated price to sell approximately 1.6 million of their own shares. When the truth was revealed, the price of Xcelera's stock collapsed to $11.75 per share, dramatically below its Class Period high of $112.50.

In early 2001, several class action complaints filed in four different federal district courts were interdistrict transferred to the District of Massachusetts. The actions were subsequently consolidated by an Order entered on February 2, 2001. Lead plaintiffs and counsel were also appointed.

As summarized by the co-lead counsel’s website, on April 2, 2001, the Lead Plaintiffs filed their Consolidated Amended Class Action Complaint (the “Amended Complaint”), which Xcelera moved to dismiss on May 31, 2001 and Plaintiffs opposed on July 16, 2001. On October 3, 2001, the Court held a hearing on Defendants’ Motion to Dismiss, and Judge Rya Zobel issued an order granting in part and denying in part Defendants’ motion on March 8, 2002. Defendants filed their answer to the Amended Complaint on April 9, 2002. Judge Rya Zobel issued an order granting class certification on September 30, 2004. In early March of 2005 the Defendants sought to appeal the class certification order. On December 13, 2005 the First Circuit Court of Appeals affirmed Judge Zobel’s September order certifying the class and the insider trading subclass. Factual and expert discovery have been completed. A final pretrial conference is scheduled for December 19, 2007.

On September 20, 2007, the defendants filed a motion for summary judgment. On April 26, 2008, Judge Rya W. Zobel denied the defendants’ motion for summary judgment. The defendants filed a motion for reconsideration/leave to renew the defendants’ motion for summary judgment. On May 12, 2008, Judge Zobel signed the Judgment granting the renewed motion for summary judgment. This court dismissed the complaint and the case as to all defendants with prejudice.

COMPANY INFORMATION:

Sector: Services
Industry: Communications Services
Headquarters: Cayman Islands

SECURITIES INFORMATION:

Ticker Symbol: XLA
Company Market: American SE
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-01537
JUDGE: Hon. Stefan R. Underhill
DATE FILED: 08/11/2000
CLASS PERIOD START: 04/01/1999
CLASS PERIOD END: 07/31/2000
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Berger & Montague PC
    1622 Locust Street, Berger & Montague PC, PA 19103
    800.424.6690 215.875.4604 · investorprotect@bm.net
  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. 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. Holzer & Holzer, LLC
    1117 Perimeter Center West, Suite E-107, Holzer & Holzer, LLC, GA 30338
    770.392.0090 770.392-0029 · mfistel@holzerlaw.com
  6. Kirby McInerney & Squire LLP
    830 Third Avenue 10th Floor, Kirby McInerney & Squire LLP, NY 10022
    212.317.2300 ·
  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. Law Offices of Marc S. Henzel (Lawrence)
    335 Central Avenue, Law Offices of Marc S. Henzel (Lawrence), NY 11559
    516.374.0707 516.295.3473 · securitiesfraud@comcast.net
  9. Lionel Z. Glancy
    1801 Avenue of the Stars Suite 308, Lionel Z. Glancy, CA 90067
    310.201.9150 ·
  10. Lowey, Dannenberg, Bemporad & Selinger, P.C.
    1 North Lexington Avenue, 11th Floor, Lowey, Dannenberg, Bemporad & Selinger, P.C., NY 10601-1714
    914.997.0500 914.997.0035 · ldbs@wesetnet.com
  11. 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
  12. Robert C. Sussner

    ·
  13. Spector Roseman & Kodroff (San Diego)
    1818 Market Street, Suite 2500, Spector Roseman & Kodroff (San Diego), PA 19103
    215.496.0300 215.496.6611 ·
  14. 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
  15. Weiss & Yourman (New York, NY)
    The French Building, 551 Fifth Ave., Suite 1600, Weiss & Yourman (New York, NY), NY 10126
    212.682.3025 212.682.3010 · info@wyca.com
No Document Title Filing Date
COURT: D. Massachusetts
DOCKET #: 00-CV-11649
JUDGE: Hon. Stefan R. Underhill
DATE FILED: 04/02/2001
CLASS PERIOD START: 04/01/1999
CLASS PERIOD END: 08/08/2000
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. 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
  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. Holzer & Holzer, LLC
    1117 Perimeter Center West, Suite E-107, Holzer & Holzer, LLC, GA 30338
    770.392.0090 770.392-0029 · mfistel@holzerlaw.com
  5. Kirby McInerney & Squire LLP
    830 Third Avenue 10th Floor, Kirby McInerney & Squire LLP, NY 10022
    212.317.2300 ·
  6. 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
  7. Law Offices of Marc S. Henzel (Lawrence)
    335 Central Avenue, Law Offices of Marc S. Henzel (Lawrence), NY 11559
    516.374.0707 516.295.3473 · securitiesfraud@comcast.net
  8. Lionel Z. Glancy
    1801 Avenue of the Stars Suite 308, Lionel Z. Glancy, CA 90067
    310.201.9150 ·
  9. Lowey, Dannenberg, Bemporad & Selinger, P.C.
    1 North Lexington Avenue, 11th Floor, Lowey, Dannenberg, Bemporad & Selinger, P.C., NY 10601-1714
    914.997.0500 914.997.0035 · ldbs@wesetnet.com
  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. Robert C. Sussner

    ·
  12. Spector Roseman & Kodroff (San Diego)
    1818 Market Street, Suite 2500, Spector Roseman & Kodroff (San Diego), PA 19103
    215.496.0300 215.496.6611 ·
  13. 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
  14. Weiss & Yourman (New York, NY)
    The French Building, 551 Fifth Ave., Suite 1600, Weiss & Yourman (New York, NY), NY 10126
    212.682.3025 212.682.3010 · info@wyca.com
No Document Title Filing Date
No Document Title Filing Date
No Document Title Filing Date