Case Page

 

Case Status:    DISMISSED    
On or around 09/08/2006 (Court's order of dismissal)

Filing Date: January 23, 2001

As reported by the Company’s FORM 10-K For the Fiscal Year Ended December 31, 2005, the Company settled the lead plaintiffs’ remaining individual claims for a confidential amount, which was paid by the Company’s directors' and officers' insurance carrier. Accordingly, the district court entered a final judgment dismissing the claims with prejudice on February 24, 2006.

According to a press release dated September 15, 2005, finding that a pleading of fraud-on-the-market did not support class certification in the absence of evidence showing market efficiency, the Fifth U.S. Circuit Court of Appeals affirmed a district court's denial of class certification in a putative class action against an electronic-order processing company. The district court denied the plaintiffs' motion for certification, finding that in the absence of expert testimony regarding market efficiency, they could not take advantage of the class-wide reliance provided by the fraud-on-the-market theory (see 2 S.Cl.Act.Rep. 13-15, Aug. 15, 2004). Certification requires more than pleading fraud- on-the-market.

As previously reported by the Company’s FORM 10-Q/A For the Quarterly Period Ended March 31, 2005, in April 2001, the Court consolidated the lawsuits, and on July 26, 2002, plaintiffs filed a Consolidated Amended Complaint (“CAC”). The Company filed a motion to dismiss the CAC on or about September 9, 2002. On July 22, 2003, the Court granted in part and denied in part defendants’ motion to dismiss. On September 2, 2003, defendants filed an answer to the CAC. Plaintiffs then commenced discovery. On September 12, 2003, plaintiffs filed a motion for class certification, and on February 17, 2004, the Company filed its opposition. On July 1, 2004, the Court denied plaintiffs’ motion for certification. On September 8, 2004, the Fifth Circuit granted plaintiffs’ petition for permission to appeal the denial of class certification. Briefing on the appeal is complete, and oral argument has been set for June 6, 2005.

The original complaint asserts that the defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5. The complaint also alleges that the statements made in the Prospectus for ASD's IPO that ASD had a well-developed business model and was providing high quality and comprehensive outsourcing services to companies selling their goods over the Internet were materially false or misleading.

COMPANY INFORMATION:

Sector: Services
Industry: Business Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: ASDS
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. Texas
DOCKET #: 01-CV-166
JUDGE: Hon. Jorge A. Solis
DATE FILED: 01/23/2001
CLASS PERIOD START: 11/11/1999
CLASS PERIOD END: 01/24/2000
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Jeffrey S. Abraham (New York)
    60 East 42nd St - Suite 4700, Jeffrey S. Abraham (New York), NY 10165
    212.692.0555 ·
  2. Puls Taylor & Woodson
    512 Main Street - 14th Floor, Puls Taylor & Woodson, TX 76102
    817.338.1717 ·
  3. 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
  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: N.D. Texas
DOCKET #: 01-CV-166
JUDGE: Hon. Jorge A. Solis
DATE FILED: 07/26/2002
CLASS PERIOD START: 11/11/1999
CLASS PERIOD END: 01/24/2000
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abbey Gardy, LLP (New York)
    212 East 39th Street, Abbey Gardy, LLP (New York), NY 10016
    212.889.3700 · info@abbeygardy.com
  2. Brodsky & Smith, LLC (former Pennysylvania)
    11 Bala Avenue, Suite 39, Brodsky & Smith, LLC (former Pennysylvania), PA 19004
    610.668.7987 610.660.0450 · esmith@Brodsky-Smith.com
  3. Cauley Geller Bowman & Coates LLP
    11311 Arcade Drive - Suite 201, Cauley Geller Bowman & Coates LLP, AR 72212
    501.312.8500 ·
  4. Claxton & Hill
    3131 McKinney Ave., Suite 700 LB 103, Claxton & Hill, TX 75204-2471
    214.969.9099 ·
  5. Puls Taylor & Woodson
    512 Main Street - 14th Floor, Puls Taylor & Woodson, TX 76102
    817.338.1717 ·
  6. Rabin & Peckel LLP
    275 Madison Avenue, 34th Floor, Rabin & Peckel LLP, NY 10016
    212.682.1818 212.682.1892 · email@rabinlaw.com
  7. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
  8. 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
  9. 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
  10. Wechsler, Harwood, Halebian & Feffer, LLP
    488 Madison Avenue, Wechsler, Harwood, Halebian & Feffer, LLP, NY
    212.935.7400 10022 ·
  11. 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
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