Case Page

 

Case Status:    DISMISSED    
On or around 02/09/2001 (Other)

Filing Date: August 23, 2000

According to a press release dated FORM 10-K for the fiscal year ended December 31, 2000, on February 6, 2001, the parties entered into a stipulation pursuant to which plaintiffs agreed to voluntarily dismiss the lawsuit without prejudice. By Order dated February 8, 2001, the court approved the parties' stipulation and dismissed the lawsuit. No consideration was exchanged in connection with the dismissal and neither the lead plaintiffs nor their counsel will receive any compensation or reimbursement of expenses.

The complaint charges Scientific and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Scientific develops, markets and sells neuroscience-based software and educational products and services designed to increase human learning and performance. The complaint alleges that defendants' false and misleading statements concerning the revenues to be derived from Scientific's sales of its software artificially inflated the price of Scientific stock to a Class Period high of $23?. This upsurge in Scientific's stock caused by defendants' alleged false and misleading statements enabled defendants to sell 68,300 Scientific shares for proceeds of $1.3 million. On 7/11/00, and days after defendants had received over $1.3 million in trading proceeds, Scientific revealed that it was in fact suffering a huge drop in revenues associated with changes in executive leadership (i.e., superintendent of four separate school districts). Even defendants' explanation for Scientific's disappointing 2ndQ 00 results was false and misleading.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: SCIL
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-3014
JUDGE: Hon. Samuel Conti
DATE FILED: 08/23/2000
CLASS PERIOD START: 05/01/2000
CLASS PERIOD END: 07/11/2000
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. 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 ·
  2. 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
  3. Richard D. Kranich
    531 Main Street, Suite 407, Richard D. Kranich, NY 10044-0107
    212.608.8965 ·
No Document Title Filing Date