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Case Status:    SETTLED
On or around 01/11/2005 (Date of order of final judgment)

Filing Date: October 30, 2000

According to the docket posted, on January 11, 2005, the Court entered the Order and Final Judgment, signed by U.S. District Judge Charles A. Pannell. Judge Pannell approved the terms and conditions of the Stipulation and Settlement Agreement, and dismissed the complaint with prejudice and without costs, except as provided in the Stipulation.

In a press release dated dated August 6, 2004, on July 1, 2004, Clarus Corporation entered into a memorandum of understanding to settle a securities class action brought against the Company that was originally filed in 2000. Pursuant to the memorandum, the Company agreed in principle to settle the lawsuit in exchange for a payment of $4.5 million, which is expected to be covered by insurance. The final settlement of the consolidated class action is subject to certain action including the execution of definitive documentation and approval by the Court.

By order of the Court dated November 21, 2000, all related cases were consolidated into one action entitled In re Clarus Corporation Securities Litigation. On December 29, 2000, competing motions for appointment of Lead Plaintiff and Lead Counsel were filed. On March 22, 2001, the Court appointed Lead Plaintiffs and Co-Lead Counsel, and on May 14, 2001, Lead Plaintiffs filed an Amended Consolidated Class Action Complaint (the "Amended Complaint"). On June 29, 2001, the Defendants moved to dismiss the case, and Lead Plaintiffs filed a brief in opposition to Defendants' Motion to Dismiss. On August 27, 2001 the Defendants filed an additional reply to their motion and on April 16, 2002, the Court entered an Order denying Defendants' Motion to Dismiss the Amended Complaint. On May 16, 2002, Defendants filed their answer to the Amended Complaint. On June 17, 2002, Lead Plaintiffs filed a Motion for Class Certification, which the Judge denied on August 21, 2002. Plaintiffs filed a Second Amended Consolidated Class Action Complaint (the "2nd Amended Complaint") on December 3, 2003, which Defendants moved to dismiss on January 9, 2004. Lead Plaintiffs' opposed Defendants' motion on February 23, 2004. On January 8, 2004, Lead Plaintiffs filed a motion for class certification. Prior to a ruling on Defendants' Motion to Dismiss and Lead Plaintiffs' Motion for Class Certification, the parties agreed to settle the lawsuit and entered into a Stipulation and Agreement of Settlement (the "Stipulation").

The original complaint alleges that Clarus improperly included in its financial results a receivable that was past due and for which collection was not probable. In addition, the lawsuit says that Clarus failed to disclose that 20% of its receivables were owed by a single customer and did not advise investors of the risks the company faced if that customer did not pay its obligation. On October 25, 2000, Clarus stunned the market by disclosing a much greater loss for the third quarter of 2000 than it had previously led analysts to believe. The deeper-than-expected loss was due, in significant part, to the write-off of a $2 million receivable from one of its customers. In response to this announcement, the company’s stock price dropped 45%.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: CLRS
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. Georgia
DOCKET #: 00-CV-2841
JUDGE: Hon. Charles A. Pannell
DATE FILED: 10/30/2000
CLASS PERIOD START: 01/31/2000
CLASS PERIOD END: 10/25/2000
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. Chitwood & Harley LLP
    1230 Peachtree Street, N.E., 2300 Promenade II, Chitwood & Harley LLP, GA 30309
    888.873.3999 404.873.4476 · info@chitwoodlaw.com
  4. 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 · lawinfo@cmht.com
  5. Holzer Holzer & Cannon, LLP
    1117 Perimeter Center West, Suite E-107 , Holzer Holzer & Cannon, LLP , GA 30338
    888.508.6832 · holzerlaw@aol.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. 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
  8. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
  9. Rabin & Peckel LLP
    275 Madison Avenue, 34th Floor, Rabin & Peckel LLP, NY 10016
    212.682.1818 212.682.1892 · email@rabinlaw.com
No Document Title Filing Date
COURT: N.D. Georgia
DOCKET #: 00-CV-2841
JUDGE: Hon. Charles A. Pannell
DATE FILED: 12/03/2003
CLASS PERIOD START: 12/08/1999
CLASS PERIOD END: 10/25/2000
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. Chitwood Harley Harnes LLP (Atlanta)
    2300 Promenade II; 1230 Peachtree Street, N.E., Chitwood Harley Harnes LLP (Atlanta), GA 30309
    888.873.3999 404.876.4476 · info@chitwoodlaw.com
  3. Finkelstein, Thompson & Loughran
    1050 30th Street, NW, Finkelstein, Thompson & Loughran, DC 20007
    202.337.8000 202.337.8090 · contact@ftllaw.com
  4. Holzer Holzer & Cannon, LLP
    1117 Perimeter Center West, Suite E-107 , Holzer Holzer & Cannon, LLP , GA 30338
    888.508.6832 · holzerlaw@aol.com
  5. Lerach Coughlin Stoia Geller Rudman & Robbins LLP (Florida)
    197 S. Federal Highway, Suite 20, Lerach Coughlin Stoia Geller Rudman & Robbins LLP (Florida), FL 33432
    561-750-3000 561-750-3364 ·
  6. Milberg Weiss Bershad & Schulman LLP (Boca Raton)
    5355 Town Center Road, Suite 900, Milberg Weiss Bershad & Schulman LLP (Boca Raton), FL 33486
    561.361.5000 561.367.8400 ·
  7. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
  8. Scott & Scott LLC (Connecticut)
    P.O. Box 192, 108 Norwich Avenue, Scott & Scott LLC (Connecticut), CT 06415
    860.537.5537 860.537.4432 · scottlaw@scott-scott.com
  9. 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
No Document Title Filing Date