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Case Status:    SETTLED
On or around 10/01/2003 (Date of order of final judgment)

Filing Date: September 20, 2000

According to the docket posted, on October 1, 2003, the Court entered the Order and Final Consent Judgment signed by U.S. District Judge Michael A. Telesca. The settlement was approved and the case dismissed.

On December 20, 2000, the Court consolidated the various actions, appointed lead plaintiff and appointed Wolf Haldenstein as lead counsel. On March 5, 2001, a consolidated amended complaint was filed with the Court. Defendants have filed a motion for dismissal. The Court dismissed the complaint on February 11, 2002. Plaintiffs filed an appeal on March 11, 2002. On October 4, 2002, the Court entered the Mandate of the U.S. Court of Appeals dismissing the appeal. A settlement of $1.3 million was proposed and preliminarily approved in an Order on February 21, 2003.

The original complaint alleges defendants with issuing false and misleading statements and press releases concerning the Company's efforts with respect to and the difficulties experienced during its efforts to "build out" its networks on a national scale. Moreover, during the Class Period, the Company misrepresented the pace at which it was building its national, symmetrical digital subscriber line (SDSL) network and failed to disclose that it was unable to adequately provision voice-over SDSL (VoSDSL) capable loops at levels to meet customer demands due to problems with incumbent carriers and the failure to make the necessary line available in a timely manner. On September 7, 2000, after the close of the market, the Company disclosed the true state of its fiscal affairs. Despite having said only weeks before that it would "hit its numbers" for the remainder of fiscal 2000 and fiscal 2001, and that its national expansion plan was on a steady course, the Company shockingly disclosed that it expected significantly lower revenues and materially lower earnings that had been previously predicted. These revelations caused the Company's common stock to decline over 40%, and lose approximately $400 million in total market capitalization.

NOTE: On April 8, 2002, Mpower filed a petition for relief under Chapter 11 of the Bankruptcy Code, and as of the effective date of Mpower's First Amended Joint Plan of Reorganization (the "Plan"), Mpower was discharged and released from any "Claim, Debt and Interest," except as otherwise stated in the Plan, as set forth in the final Confirmation Order entered by the United States Bankruptcy Court for the District of Delaware on July 17, 2002.

COMPANY INFORMATION:

Sector: Services
Industry: Communications Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: MPWR
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: W.D. New York
DOCKET #: 00-CV-06463
JUDGE: Hon. Michael A. Telesca
DATE FILED: 09/20/2000
CLASS PERIOD START: 02/20/2000
CLASS PERIOD END: 09/07/2000
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Leo W. Desmond
    2161 Palm Beach Lakes Boulevard, Suite 204, Leo W. Desmond, FL 33409
    561.712.8000 561.712.8000 · stocklaw@bellsouth.net
  2. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
No Document Title Filing Date
COURT: W.D. New York
DOCKET #: 00-CV-06463
JUDGE: Hon. Michael A. Telesca
DATE FILED: 03/05/2001
CLASS PERIOD START: 02/04/2000
CLASS PERIOD END: 09/07/2000
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Harvey & Mumford
    20 Corporate Woods Boulevard, Harvey & Mumford, NY 12211
    518.463.4491 ·
  2. 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