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Case Status:    SETTLED
On or around 07/03/2003 (Date of order of final judgment)

Filing Date: November 03, 2000

On July 2, 2003, the Court issued an Order and Final Judgment finding the terms and conditions of the stipulation and agreement of settlement dated March 28, 2003 are reasonable and adequate for the settlement of all claims asserted by the classes against the defendants. Further, U.S. District Judge Leonie M. Brinkema awarded plaintiffs’ counsel 30% of the Gross Settlement fund in fees and $1,525,000.00 in reimbursement of minus the $37,037.50 awarded to objectors counsel by our order of July 2, 2003. The case is closed.

According to a Press Release dated December 29, 2000, the complaint alleges that defendants violated Sections 11, 12(a)(2) and 15 of the Securities Act of 1933 by issuing a materially false and misleading Registration Statement and Prospectus. For example, as alleged in the Complaint, the Registration Statement and Prospectus falsely described the effect of the Company's acquisition of Metamor Worldwide, Inc. and its controlling interest of Xpedior Incorporated. On November 2, 2000, the Company shocked the market by reporting, among other things, a net loss of $1.4 billion for the third quarter of 2000, which included a $504 million charge to earnings to reflect the write-down of certain of the Company's "non-strategic" businesses acquired as part of the Metamor acquisition. The Company further announced that its President and Chief Operating Officer, defendant Harold Wills, had resigned. The market's reaction to this news was immediate. The stock price closed at $ 2 15/16 on November 2, 2000, down from $ 6 47/64 the previous day, down substantially from its recent trading price of $59 13/16 reached on March 8, 2000, and from its trading price of $16.25 on August 3, 2000.

COMPANY INFORMATION:

Sector: Technology
Industry: Computer Networks
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: PSIX
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: E.D. Virginia
DOCKET #: 00-CV-1850
JUDGE: Hon. Claude M. Hilton
DATE FILED: 11/03/2000
CLASS PERIOD START: 08/03/2000
CLASS PERIOD END: 11/02/2000
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. 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
  3. 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
No Document Title Filing Date
COURT: E.D. Virginia
DOCKET #: 00-CV-1850
JUDGE: Hon. Claude M. Hilton
DATE FILED: 01/24/2001
CLASS PERIOD START: 08/03/2000
CLASS PERIOD END: 11/02/2000
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cohen, Milstein, Hausfeld & Toll, P.L.L.C. (Washington, DC)
    1100 New York Avenue, N.W., Suite 500, West Tower, Cohen, Milstein, Hausfeld & Toll, P.L.L.C. (Washington, DC), DC 20005
    202.408.4600 202.408.4699 · lawinfo@cmht.com
  2. Spector, Roseman & Kodroff (Philadelphia)
    1818 Market Street; Suite 2500, Spector, Roseman & Kodroff (Philadelphia), PA 19103
    215.496.0300 215.496.6610 · classaction@srk-law.com
No Document Title Filing Date
No Document Title Filing Date