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Case Status:    SETTLED
On or around 08/09/2004 (Date of order of final judgment)

Filing Date: March 16, 2001

On December 12, 2003, a status conference was held and a Motion for Preliminary Approval of Class Action Settlement along with the Stipulation of Settlement was filed. At the hearing Judge Samuel Conti ordered the hearing continued to February 6, 2004. At the February 6, 2004 hearing, the judge ordered the parties to submit a proposed order for Preliminary Approval of the proposed settlement. Preliminary Approval was granted on March 25, 2004. The terms of the proposed settlement create a Settlement Fund in the amount of $8,212,500 cash, plus interest that accrues on the fund prior to distribution. A hearing (the "Settlement Hearing") to determine, among other things, whether the proposed settlement is fair, reasonable and adequate was held on July 30, 2004 and, on August 6, 2004, Senior Judge Samuel Conti issued a Judgment granting Final Approval of the Settlement.

The original complaint charges that the company and certain of its officers and directors violated the federal securities laws by providing materially false and misleading information in the company's financial statements, and as a result of these false and misleading statements, the company's stock traded at artificially inflated prices during the class period. Specifically, on 03/15/2001, Adaptive announced that it will restate its Q4 2000 financial statements because of accounting misstatements. The company currently expects that its revenue and cost of revenue for the quarter will be reduced by $4.0 million. In a press release dated 03/15/2001, the company said that its new management team is working with the company's Board of Directors, auditors and outside counsel to determine whether any other similar transactions exist in the same or other accounting periods, and if so, what actions, if any, may need to be taken with respect to them. The company hopes to be in a position to make this determination by 03/30/2001. Based on this review, the company will take whatever steps may be necessary so that its financial reporting practices for all past and future periods conform in all respects to applicable accounting standards. On this news, Adaptive's stock price dropped to as low as $1.47 per share, or more than 95% from its class period high of $33.125.

COMPANY INFORMATION:

Sector: Technology
Industry: Communications Equipment
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: ADAP
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. California
DOCKET #: 01-CV-1092
JUDGE: Hon. Samuel Conti
DATE FILED: 03/16/2001
CLASS PERIOD START: 08/11/2000
CLASS PERIOD END: 03/15/2001
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abbey Gardy & Squiteri LLP (San Francisco)
    595 Market Street, Suite 2500, Abbey Gardy & Squiteri LLP (San Francisco), CA 94105
    415.538.3725 ·
  2. 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
  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. Kahn & Associates, Ltd.
    One Northfield Plaza Suite 100, Kahn & Associates, Ltd. , IL 60093-1211
    847/501.5083 ·
  5. Kirby McInerney & Squire LLP
    830 Third Avenue 10th Floor, Kirby McInerney & Squire LLP, NY 10022
    212.317.2300 ·
  6. 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
  7. Mark McNair
    1919 Pennsylvania Avenue, NW, Suite 800, Mark McNair , DC 20006
    703.273.3070 · wmmcnair@justice4investors.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. Spector Roseman & Kodroff (San Diego)
    1818 Market Street, Suite 2500, Spector Roseman & Kodroff (San Diego), PA 19103
    215.496.0300 215.496.6611 ·
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COURT: N.D. California
DOCKET #: 01-CV-1092
JUDGE: Hon. Samuel Conti
DATE FILED: 10/29/2001
CLASS PERIOD START: 08/10/2000
CLASS PERIOD END: 03/15/2001
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abbey Gardy & Squiteri LLP (San Francisco)
    595 Market Street, Suite 2500, Abbey Gardy & Squiteri LLP (San Francisco), CA 94105
    415.538.3725 ·
  2. Abbey Gardy, LLP (New York)
    212 East 39th Street, Abbey Gardy, LLP (New York), NY 10016
    212.889.3700 · info@abbeygardy.com
  3. Berman DeValerio Pease Tabacco Burt & Pucillo (CA)
    425 California Street, Suite 2025, Berman DeValerio Pease Tabacco Burt & Pucillo (CA), CA 94104
    415.433.3200 415.433.6382 ·
  4. Faruqi & Faruqi LLP (New York) (former)
    320 East 39th Street, Faruqi & Faruqi LLP (New York) (former), NY 10016
    212.983.9330 212.983.9331 · Nfaruqi@faruqilaw.com
  5. Girard & Green LLP
    160 Sansome Street. Suite 300, Girard & Green LLP, CA 94104
    415.981.4800 415.981.4846 · gg@classcounsel.com
  6. Wolf Haldenstein Adler Freeman & Herz LLP (New York)
    270 Madison Avenue, Wolf Haldenstein Adler Freeman & Herz LLP (New York), NY 10016
    212.545.4600 212.686.0114 · newyork@whafh.com
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No Document Title Filing Date