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Case Status:    SETTLED
On or around 07/24/2002 (Date of order of final judgment)

Filing Date: November 20, 2000

By the Order and Final Judgment, entered on July 24, 2002, the Stipulation is approved as fair, reasonable and adequate, and the Consolidated Complaint is hereby dismissed with prejudice and without costs, except as provided in the Stipulation.

According to the Notice Of Pendency Of Class Action, a hearing will be held before the Honorable Robert E. Keeton in the United States Courthouse, One Courthouse Way, Boston, Massachusetts 02210, at 2:00 p.m., on July 24, 2002 (the “Settlement Fairness Hearing”) to determine whether a proposed settlement as set forth in the Stipulation and Agreement of Settlement and Dismissal dated April 30, 2002, is fair, reasonable and adequate, and to consider approval of the Plan of Allocation and the application of class counsel for attorneys’ fees and reimbursement of expenses. A Settlement Fund consisting of $3.25 million in cash has been established on behalf of defendants.

On August 7, 2001, the Court entered an order granting Plaintiffs’ motion to consolidate the pending actions, appointing Lead Plaintiffs, appointing and Milberg Weiss Bershad Hynes & Lerach LLP as Plaintiffs’ Lead Counsel, and appointing Moulton & Gans LLP as Plaintiffs’ Liaison Counsel. On October 16, 2001, Plaintiffs filed and served their Consolidated Amended Class Action Complaint. On December 4, 2001, the Defendants responded by filing a motion to dismiss the Consolidated Amended Class Action Complaint.

The original complaint alleges that PRI promoted itself as a leading supplier of factory automation systems for semiconductor manufacturers. Throughout the Class Period, defendants represented that the Company was ramping up production of its state-of-the-art Turbostocker XT. Defendants also repeatedly claimed that PRI was "well positioned" to meet the surging demand for factory automation systems and that PRI had an edge over its competitors due to its "technological leadership" and "specialized manufacturing skills." The complaint alleges that, as result of these misrepresentations, PRI's share price increased, from $75.43 at the commencement of the Class Period to a Class Period high closing price of $89.56 on March 9, 2000. Company insiders took advantage of the artificial inflation of the Company's stock price; between March 1 to March 15, 2000, when as a result of defendants' misrepresentations, PRI stock was trading at or near the Class Period high, insiders sold 36,600 PRI shares for proceeds of $3,214,800. In addition, prior to the disclosure of the adverse facts, PRI completed a public offering of 1,705,000 shares netting proceeds of approximately $85.1 million for the Company and $18.5 million PRI insiders. The complaint alleges that, unbeknownst to investors, PRI was experiencing significant and material manufacturing problems and that therefore, PRI was not "well positioned" to take advantage of the surging demand for automation systems. The truth emerged on September 11, 2000 when, after the close of trading, defendants disclosed in a conference call with analysts, and an announcement over the PR Newswire, that it was having "manufacturability, capacity and supply chain problems" in its Factory Systems Division relating to the new Turbostocker XT, which had been scheduled to transition into high volume production during the quarter. Defendants warned that, as a result of these problems, they expected PRI's net income for the quarter to be breakeven, not counting one-time special charges, down from net income of $9.8 million, or $0.38 per share in the third quarter. On news of PRI's earnings warning, the Company's shares fell 39% in a single day, from a closing price of $42.68 on September 11, 2000 to a closing price of $25.87 on September 12, 2000, making PRI one the day's five biggest NASDAQ losers.

COMPANY INFORMATION:

Sector: Technology
Industry: Semiconductors
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: PRIA
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: D. Massachusetts
DOCKET #: 00-CV-12398
JUDGE: Hon. Robert E. Keeton
DATE FILED: 11/20/2000
CLASS PERIOD START: 01/27/2000
CLASS PERIOD END: 09/11/2000
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bull & Lifshitz
    18 East 41st St., Bull & Lifshitz, NY 10017
    212.213.6222 212.213.9405 ·
  2. 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
  3. Moulton & Gans LLP
    133 Federal Street, Moulton & Gans LLP, MA 2110
    617.369.7979 ·
No Document Title Filing Date
COURT: D. Massachusetts
DOCKET #: 00-CV-12398
JUDGE: Hon. Robert E. Keeton
DATE FILED: 10/16/2001
CLASS PERIOD START: 01/27/2000
CLASS PERIOD END: 09/11/2000
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY)
    One Pennsylvania Plaza, Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY), NY 10119-1065
    212.594.5300 ·
  2. Moulton & Gans LLP
    133 Federal Street, Moulton & Gans LLP, MA 2110
    617.369.7979 ·
  3. Steven G. Schulman and Samuel H. Rudman
    One Pennsylvania Plaza, 49th Floor, Steven G. Schulman and Samuel H. Rudman, NY 10119-0165
    800.320.5081 · priacase@milbergNY.com
No Document Title Filing Date