Case Page

 

Case Status:    SETTLED
On or around 09/14/2005 (Date of order of final judgment)

Filing Date: March 05, 2001

According to the latest docket posted, on September 14, 2005, the Court entered the Orders granting the motions for Preliminary Approval of a Proposed Settlement and approval of lead counsels' application for award of attorneys’ fees and reimbursement of expenses. The Class counsel was awarded attorneys fees in the amount of $36,564,785.67 and expenses in the amount of $3,740,857.33. The Court further entered the Order and Final Judgment by Judge Dickran Tevrizian, and the case was terminated. A Notice of Appeal was filed by objecting class member, RINIS Travel Service, and on January 19, 2006, the Court entered the Mandate from the Ninth Circuit Court of Appeals dismissing the appeal.

In a press release dated June 24, 2005, Broadcom Corporation announced that it has reached an agreement in principle to settle the securities class action litigation currently pending against the company and certain of its current and former officers and directors. Under the proposed settlement, the class action litigation will be dismissed in exchange for an aggregate cash payment of $150 million. Broadcom expects that approximately $40 million of that amount will be paid by its insurance carriers, with the balance of approximately $110 million to be paid by the company. Terms for distribution of the settlement fund to class members after final court approval of the settlement, and other terms of settlement, will be disclosed in a notice to be sent to class members after preliminary court approval. The court's preliminary approval hearing is scheduled for June 27, 2005.

By order of the Court dated May 31, 2001, all related actions were consolidated into one class action lawsuit entitled In re Broadcom Corp. Securities Litigation. And, on June 11, 2001, Lead Plaintiff and Lead Counsel were appointed. On October 1, 2001 Lead Plaintiff filed its Consolidated Amended Complaint. Defendants filed a Motion to Dismiss the complaint on November 15, 2001, which Lead Plaintiff opposed. The Court granted Defendant’s motion on March 11, 2002 and granted Lead Plaintiff leave to amend and re-file its Complaint. On April 1, 2002, Lead Plaintiff filed a Second Consolidated Amended Complaint (the “2nd Amended Complaint”), which Defendants moved to dismiss on May 7, 2002. The Court denied Defendants’ motion on July 24, 2002. Thereafter, on September 26, 2002, Defendants filed their answer to the 2nd Amended Complaint. Beginning in July 2003, Defendants filed various motions for partial summary judgment relating to specific allegations in Lead Plaintiffs’ 2nd Amended Complaint, some of which the Judge granted, others the Judge denied or granted in part, denied in part. The case proceeded through the discovery phase of the litigation and the parties prepared for a trial that, pursuant to a February 22, 2005 order, was to begin on September 13, 2005. On numerous occasions the parties participated in mediation sessions to settle the claims against Defendants. The last session on June 13, 2005, resulted in a settlement of the litigation.

The original complaint charges defendants with improperly accounting for the multi-million dollar amount of warrants provided to customers who purchased specified amounts of Broadcom product. In particular, it is charged that Broadcom's 2000 third quarter financial statements improperly failed to disclose the specific information relating to its granting customers warrants in exchange for buying Broadcom product. On 02/27/2001, The Wall Street Journal published an article concerning Broadcom's practices relating to granting warrants to customers in exchange for purchasing product. Broadcom's stock price fell in the next three trading days from $63 per share to $41 per share, an almost 35% decline. In addition, Broadcom's top officers are charged with selling more than $80 million worth of common stock prior to the revelations about the warrants for product deals.

COMPANY INFORMATION:

Sector: Technology
Industry: Scientific & Technical Instr.
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: BRCM
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: C.D. California
DOCKET #: 01-CV-00275
JUDGE: Hon. Gary L. Taylor
DATE FILED: 03/05/2001
CLASS PERIOD START: 10/18/2000
CLASS PERIOD END: 02/26/2001
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Barrack, Rodos & Bacine (San Diego - former)
    402 West Broadway , Barrack, Rodos & Bacine (San Diego - former), CA 92101
    619.230.0800 619.230.1874 · info@barrack.com
  2. Berger & Montague PC
    1622 Locust Street, Berger & Montague PC, PA 19103
    800.424.6690 215.875.4604 · investorprotect@bm.net
  3. Berman DeValerio Pease Tabacco Burt & Pucillo (MA)
    One Liberty Square, Berman DeValerio Pease Tabacco Burt & Pucillo (MA), MA 2109
    617.542.8300 617.230.0903 · info@bermanesq.com
  4. Cauley Geller Bowman & Coates (Boca Raton, FL)
    2255 Glades Road Suite 421A, Cauley Geller Bowman & Coates (Boca Raton, FL), FL 33431
    561.750.3000 ·
  5. 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 ·
  6. 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
  7. 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
  8. 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
  9. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
  10. Rabin & Peckel LLP
    275 Madison Avenue, 34th Floor, Rabin & Peckel LLP, NY 10016
    212.682.1818 212.682.1892 · email@rabinlaw.com
  11. Schatz & Nobel, P.C.
    330 Main Street, Schatz & Nobel, P.C., CT 06106
    800.797.5499 860.493.6290 · sn06106@AOL.com
  12. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
  13. Spector Roseman & Kodroff (San Diego)
    1818 Market Street, Suite 2500, Spector Roseman & Kodroff (San Diego), PA 19103
    215.496.0300 215.496.6611 ·
  14. 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
No Document Title Filing Date
COURT: C.D. California
DOCKET #: 01-CV-00275
JUDGE: Hon. Gary L. Taylor
DATE FILED: 04/01/2002
CLASS PERIOD START: 07/31/2000
CLASS PERIOD END: 02/26/2001
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. Bernstein Liebhard & Lifshitz, LLP (New York)
    10 E. 40th Street, 22nd Floor, Bernstein Liebhard & Lifshitz, LLP (New York), NY 10016
    800.217.1522 · info@bernlieb.com
  3. 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 ·
  4. Heins Mills & Olson PLC
    3550 IDS Center, 80 South Eighth Street, Heins Mills & Olson PLC, MN 55402
    612.338.4605 612.338.4692 · info@heinsmills.com
  5. Lerach Coughlin Stoia Geller Rudman & Robbins LLP (Los Angeles)
    355 S. Grand Avenue, Suite 4170, Lerach Coughlin Stoia Geller Rudman & Robbins LLP (Los Angeles), CA 90071
    213.617.9007 213.617.9185 · info@lerachlaw.com
  6. Lerach Coughlin Stoia Geller Rudman & Robbins LLP (San Diego)
    401 B Street, Suite 1700, Lerach Coughlin Stoia Geller Rudman & Robbins LLP (San Diego), CA 92101
    206.749.5544 206.749.9978 · info@lerachlaw.com
  7. Milberg Weiss Bershad Hynes & Lerach LLP (Los Angeles, CA)
    355 S Grand Ave - Ste 4170, Milberg Weiss Bershad Hynes & Lerach LLP (Los Angeles, CA), CA 90071-3172
    213.617.9007 ·
  8. 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
  9. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
No Document Title Filing Date
No Document Title Filing Date