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Case Status:    SETTLED
On or around 10/12/2006 (Date of order of final judgment)

Filing Date: April 26, 2001

On October 10, 2006, the hearing was held. The Court finds that the settlement is reasonable and adequate, and is approved. On October 12, 2006, the Court entered the Order and Final Judgment signed by U.S. District Judge Justin L. Quackenbush. That day, the Court also entered the Order for reimbursement of attorneys’ expenses.

According to a press release dated August 5, 2006, a hearing will be held on October 10, 2006, for the purpose of determining: (1) whether the proposed settlement of the Litigation for $24,200,000 in cash should be approved by the Court as fair, reasonable and adequate; (2) whether the Litigation should be dismissed on the merits and with prejudice pursuant to the terms of the Stipulation; (3) whether the proposed Plan of Allocation should be approved as fair and reasonable; (4) whether Representative Plaintiffs' Counsel's application for fees and expenses, including any award of reasonable costs and expenses (including lost wages, directly relating to the representation of the Settlement Class to any Representative Plaintiff serving on behalf of the Settlement Class) and interest thereon should be approved; and (5) whether the releases provided for in the Stipulation should be approved as fair, reasonable and adequate to the Members of the Settlement Class.

As summarized by the docket posted, on May 24, 2006, a Stipulation of Settlement was filed. Previously, on February 22, 2002, the plaintiffs filed a Correct Consolidated Class Action Complaint. The defendants responded by filing various motions to dismiss the consolidated class action complaint on May 21, 2002. On March 4, 2003, the Court entered the Order granting the defendants’ motions to dismiss, and allowed plaintiffs 30 days to amend their complaint. The claims against defendants Arthur Anderson were dismissed with prejudice. On May 5, 2003, the plaintiffs filed a First Amended Consolidated Class Action Complaint and the defendants filed motions to dismiss the complaint. Again, on April 6, 2004, the Court entered the Order granting the defendants’ motions to dismiss with leave to amend. On April 30, 2004, the plaintiffs filed a Second Amended Consolidated Class Action Complaint, and the defendants responded by filing motions to dismiss the complaint. On February 23, 2005, the Court entered the Order denying and granting certain defendants’ motions to dismiss. Judgment dismissing the case with prejudice as to certain defendants was entered that day also.

In February 2004, several complaints were filed in the U.S. District Court for the Southern District of New York, charging AOL, America Online and certain of AOL's officers with violating the federal securities laws and/or state law by vastly overstating PPRO's revenues and earnings through a series of fraudulent transactions between PPRO and AOL. Specifically, the complaint charges that each defendant violated Section 10(b) of the Securities Exchange Act of 1934 (the "Exchange Act") and SEC Rule 10b-5. It also charges Robert Pittman (who was AOL's President and COO during the Class Period) and David Colburn (who was a senior officer of AOL during the Class Period) with violating Section 20(a) of the Exchange Act and charges America Online, Inc. and AOL Time Warner, Inc. with liability for the individual defendants' violations of the securities laws. The complaint alleges that after the truth was revealed about the fraudulent deals between PPRO and AOL, the prices of PPRO's securities collapsed and PPRO filed for bankruptcy protection. In June 2004, the actions filed in the Southern District of New York were transferred to the District of Nevada. In July 2004, the cases were consolidated with 01-CV-483.

The original complaint charges PurchasePro and certain officers/directors with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, alleging that they made numerous positive representations throughout the Class Period regarding the financial and business prospects of the Company, while knowing and withholding that the Company was improperly recognizing revenue in order to artificially inflate the trading value of PurchasePro securities for their own personal benefit.

COMPANY INFORMATION:

Sector: Technology
Industry: Computer Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: PPRO
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: D. Nevada
DOCKET #: 01-CV-0483
JUDGE: Hon. Justin L. Quackenbush
DATE FILED: 04/26/2001
CLASS PERIOD START: 07/19/2000
CLASS PERIOD END: 04/25/2001
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Albright, Stoddard, Warnick & Albright
    801 South Rancho Drive, Quail Park Suite D-4, Albright, Stoddard, Warnick & Albright, NV 89106
    702.384.7111 ·
  2. Alfred G. Yates, Jr.
    429 Forbes Avenue, Alfred G. Yates, Jr. , PA 15219
    412.391.5164 ·
  3. Berger & Montague PC
    1622 Locust Street, Berger & Montague PC, PA 19103
    800.424.6690 215.875.4604 · investorprotect@bm.net
  4. 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
  5. Rabin & Peckel LLP
    275 Madison Avenue, 34th Floor, Rabin & Peckel LLP, NY 10016
    212.682.1818 212.682.1892 · email@rabinlaw.com
  6. Seeger Weiss LLP (New York)
    One William Street, Seeger Weiss LLP (New York), NY 10004
    212.584.0700 · info@seegerweiss.com
  7. Squitieri & Fearon LLP (New York)
    420 5th Avenue, 18th Floor, Squitieri & Fearon LLP (New York), NY 10018
    212.575.2092 212.575.2184 · lee@sfclasslaw.com
  8. 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
  9. 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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COURT: D. Nevada
DOCKET #: 01-CV-0483
JUDGE: Hon. Justin L. Quackenbush
DATE FILED: 04/30/2004
CLASS PERIOD START: 03/23/2000
CLASS PERIOD END: 05/21/2001
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. Albright, Stoddard, Warnick & Albright
    801 South Rancho Drive, Quail Park Suite D-4, Albright, Stoddard, Warnick & Albright, NV 89106
    702.384.7111 ·
  3. Beatie & Osborne LLP
    599 Lexington Avenue, 42nd Floor, Beatie & Osborne LLP, NY 10022
    212.888.9000 212.888.9664 ·
  4. Berger & Montague PC
    1622 Locust Street, Berger & Montague PC, PA 19103
    800.424.6690 215.875.4604 · investorprotect@bm.net
  5. 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
  6. 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
  7. Bull & Lifshitz
    18 East 41st St., Bull & Lifshitz, NY 10017
    212.213.6222 212.213.9405 ·
  8. Cauley Geller Bowman & Coates (Boca Raton, FL)
    2255 Glades Road Suite 421A, Cauley Geller Bowman & Coates (Boca Raton, FL), FL 33431
    561.750.3000 ·
  9. 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
  10. Kaplan Fox & Kilsheimer, LLP (San Francisco, CA)
    100 Pine Street, 26th Floor, Kaplan Fox & Kilsheimer, LLP (San Francisco, CA), CA 94111
    415.772.4700 415.677.1233 · info@kaplanfox.com
  11. Kenneth A. Elan (Chicago )
    30 North LaSalle Street, Suite 3200, Kenneth A. Elan (Chicago ), IL 60602
    312782.4880 · mmiller@millerfauchner.com
  12. Law Offices of Alfred G. Yates
    519 Alleghany Bldg., 429 Forbes Avenue, Law Offices of Alfred G. Yates, PA 15219
    412.391.5164 ·
  13. Law Offices of Brian M. Felgoise, P.C.
    Esquire at 261 Old York Road, Suite 423, Law Offices of Brian M. Felgoise, P.C., PA 19046
    215.886.1900 · securitiesfraud@comcast.net
  14. Law Offices of Bruce G. Murphy
    265 Llwyds Lane, Law Offices of Bruce G. Murphy, FL 32963
    561.231.4202 ·
  15. 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
  16. Law Offices of Marc S. Henzel (Bala Cynwyd)
    273 Montgomery Ave. Suite 202, Law Offices of Marc S. Henzel (Bala Cynwyd), PA 19004
    610.660.8000 610.660.8080 · securitiesfraud@comcast.net
  17. 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
  18. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
  19. Rabin & Peckel LLP
    275 Madison Avenue, 34th Floor, Rabin & Peckel LLP, NY 10016
    212.682.1818 212.682.1892 · email@rabinlaw.com
  20. Schatz & Nobel, P.C.
    330 Main Street, Schatz & Nobel, P.C., CT 06106
    800.797.5499 860.493.6290 · sn06106@AOL.com
  21. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
  22. Seeger Weiss LLP (New York)
    One William Street, Seeger Weiss LLP (New York), NY 10004
    212.584.0700 · info@seegerweiss.com
  23. Shapiro Haber & Urmy LLP (Boston)
    75 State Street, Shapiro Haber & Urmy LLP (Boston), MA 02109
    617.439.3939 617.439.0134 · info@shulaw.com
  24. Stull, Stull & Brody (Los Angeles)
    10940 Wilshire Boulevard - Suite 2300, Stull, Stull & Brody (Los Angeles), CA 90024
    310.209.2468 ·
  25. 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
  26. 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
  27. Wolf Popper, LLP
    845 Third Avenue, Wolf Popper, LLP, NY 10022-6689
    877.370.7703 212.486.2093 · IRRep@wolfpopper.com
  28. Yourman Alexander & Parekh LLP
    3601 Aviation Blvd., Suite 3000, Yourman Alexander & Parekh LLP, CA 90266
    310.725.6400 310.725.6420 ·
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