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Case Status:    SETTLED
On or around 07/20/2005 (Date of order of final judgment)

Filing Date: November 22, 2000

On July 20, 2005, a Final Approval Hearing was held to determine, among other things, whether the proposed settlement should be approved as fair, reasonable and adequate. That same day, the Court issued a Final Judgment and Order granting final approval of the settlement.

Earlier, on May 21, 2001, the Court consolidated the two related shareholder suits into one class action lawsuit entitled In re Twinlab Corp. Securities Litigation and appointed Lead Plaintiffs and their choice of Lead Counsel. Lead Plaintiffs filed an Amended Consolidated Complaint on October 19, 2001, which Defendants moved to dismiss on April 25, 2002.

Prior to a ruling on Defendants’ motion, the parties agreed to settle the claims against the Defendants. Pursuant to the terms of the proposed settlement, described more fully in the Stipulation of Settlement filed with the Court on June 20, 2005, a Settlement Fund in the amount of $3,000,000 will be created for the benefit of the following class, certified by the Court on June 23, 2005 for purposes of the settlement: all persons who purchased or otherwise acquired Twinlab common stock and/or call options to purchase such shares during the period April 27, 1999 through and including November 15, 2000.

The complaint alleges that Twinlab improperly recorded sales as revenues prior to the shipment of its products in violation of generally accepted accounting principles and Twinlab's own accounting policies. The complaint further alleged that Twinlab's accounting manipulations were designed to artificially inflate the price of its common stock in order for the company and its officers and directors to benefit from a large public offering on April 8, 1998. The plaintiffs initiated the lawsuit in December 2, 1998 and filed an amended complaint on May 14, 1999. The defendants moved to dismiss the case on November 4, 1999. The motion was granted in part and denied in part. The defendants proceeded to file answers to the complaint in August and September of 2000. Ultimately, on March 9, 2001 Twinlab announced that that it had reached an agreement in principle to settle the suit.

COMPANY INFORMATION:

Sector: Services
Industry: Retail (Drugs)
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: TWLB
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. New York
DOCKET #: 00-CV-06975
JUDGE: Hon. Denis Hurley
DATE FILED: 11/22/2000
CLASS PERIOD START: 04/27/1999
CLASS PERIOD END: 11/15/2000
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Berman DeValerio Pease & Tabacco PC
    One Liberty Square, Berman DeValerio Pease & Tabacco PC, MA 02109
    617.542.8300 ·
  2. Law Offices of Charles J. Piven, P.A.
    World Trade Center-Baltimore,401 East Pratt Suite 2525, Law Offices of Charles J. Piven, P.A., MD 21202
    410.332.0030 · pivenlaw@erols.com
  3. Rabin & Peckel LLP
    275 Madison Avenue, 34th Floor, Rabin & Peckel LLP, NY 10016
    212.682.1818 212.682.1892 · email@rabinlaw.com
  4. Weiss & Yourman (New York, NY)
    The French Building, 551 Fifth Ave., Suite 1600, Weiss & Yourman (New York, NY), NY 10126
    212.682.3025 212.682.3010 · info@wyca.com
No Document Title Filing Date
COURT: E.D. New York
DOCKET #: 00-CV-6975
JUDGE: Hon. Denis Hurley
DATE FILED: 10/19/2001
CLASS PERIOD START: 04/27/1999
CLASS PERIOD END: 11/15/2000
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Stull, Stull & Brody (New York)
    6 East 45th Street, Stull, Stull & Brody (New York), NY 10017
    310.209.2468 310.209.2087 · SSBNY@aol.com
  2. Wechsler Harwood, LLP.
    488 Madison Avenue 8th Floor, Wechsler Harwood, LLP., NY 10022
    212.935.7400 212.753.3630 · info@whesq.com
  3. WeissLaw LLP
    551 Fifth Avenue, Suite 1600, WeissLaw LLP, NY 10176
    212.682.3025 212.682-3010 · info@wllawny.com
No Document Title Filing Date
No Document Title Filing Date