Case Page

 

Case Status:    SETTLED
On or around 10/03/2001 (Date of order of final judgment)

Filing Date: April 20, 2000

According to the Company’s Form 10-KSB for the year ended December 31, 2002, subsequent cases alleging substantially the same claims, and also filed in the same court, were consolidated before the same judge. The defendants entered into an amended settlement agreement with the class for all matters, and the court approved the amended settlement agreement in 2001. The Company and other defendants denied the liability claims as part of the amended settlement, but believed that settling the cases quickly was in the best interests of the Company in order for management to more effectively proceed with its strategic business plans. Under the amended settlement agreement, the Company paid, in 2002, $50,000 in cash and, in 2003, will issue 519,125 shares, which were equal to $950 thousand in value on the determination date.

The original complaint charges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10-b(5) by rendering false and misleading statements and/or omissions concerning the present and future financial condition and business prospects of the company, as well as the financial benefits that would enure to On-Point and its shareholders. Specifically, the defendants published false and misleading financial statements, including financial statements that overstated fiscal year 1997 earnings by approximately $1.4 million, or approximately 800%, fiscal year 1997 revenues by approximately $3 million, fiscal year 1998 earnings by approximately $2.1 million, and fiscal year 1998 revenue by approximately $1.6 million. The defendants also failed to disclose that there were substantial operating losses for fiscal year 1998, and that the Company's accounting practices throughout the Class Period failed to conform with generally accepted accounting principles ("GAAP").

COMPANY INFORMATION:

Sector: Capital Goods
Industry: Misc. Capital Goods
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: ONPT
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: S.D. California
DOCKET #: 00-CV-00812
JUDGE: Hon. Barry T. Moskowitz
DATE FILED: 04/20/2000
CLASS PERIOD START: 03/24/1998
CLASS PERIOD END: 02/22/2000
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cauley, Geller, Bowman, Coates & Rudman LLP (San Diego, CA)
    225 Broadway, Suite 1900, Cauley, Geller, Bowman, Coates & Rudman LLP (San Diego, CA), CA 92010
    619.702.7350 619.702.7351 ·
  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. Law Offices of Leo W. Desmond
    2161 Palm Beach Lakes Blvd., Suite 204, Law Offices of Leo W. Desmond, FL 33409
    888.337.6663 · Info@SecuritiesAttorney.com
  4. 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
  5. Weiss & Yourman (Los Angeles, CA)
    10940 Wilshire Blvd - 24th Floor, Weiss & Yourman (Los Angeles, CA), CA 90024
    310.208.2800 310.209.2348 · info@wyca.com
No Document Title Filing Date
COURT: S.D. California
DOCKET #: 00-CV-00812
JUDGE: Hon. Barry T. Moskowitz
DATE FILED: 10/27/2000
CLASS PERIOD START: 08/19/1997
CLASS PERIOD END: 04/07/2000
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Weiss & Yourman (Los Angeles, CA)
    10940 Wilshire Blvd - 24th Floor, Weiss & Yourman (Los Angeles, CA), CA 90024
    310.208.2800 310.209.2348 · info@wyca.com
No Document Title Filing Date
No Document Title Filing Date