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Case Status:    SETTLED
On or around 07/11/2003 (Date of order of final judgment)

Filing Date: May 23, 2001

According to a press release dated July 14, 2003, Robotic Vision Systems, Inc. (RVSI) announced that the settlement terms of a class action lawsuit filed against the company in 2001 had been approved by the United States District Court, District of Massachusetts. The $5.5 million cost of the settlement will be borne by RVSI's insurance carrier.

By order of the Court dated August 21, 2001, all related cases were consolidated into one class action lawsuit. By the same Order, two Lead Plaintiffs were appointed to represent the class and two firms were appointed as Co-Lead Counsel to oversee the litigation. Lead Plaintiffs filed their Consolidated Amended Complaint on December 3, 2001, which Defendants moved to dismiss on February 1, 2002. Both parties briefed the issues and on July 11, 2002, a hearing on Defendants' Motion to Dismiss was held and the motion was taken under advisement.

The complaint alleges that defendants Robotic Vision and certain of its officers and directors violated the Securities Exchange Act of 1934. The complaint alleges that during the Class Period, Robotic Vision reported materially false and misleading financial results for fiscal year 2000 in violation of Generally Accepted Accounting Principles. On May 15, 2001, before the market opened, Robotic Vision announced that it would be restating its financial results for the fiscal year ended September 30, 2000 and for the three month period ended December 31, 2000 to correct certain accounting errors involving the recognition of revenue at its Acuity CiMatrix division. As a result of defendants' alleged fraud, Robotic Vision's common stock traded at artificially inflated levels throughout the Class Period. In response to the shocking news that Robotic Vision's financial statements required restatement, the Company's stock price lost almost 15% of its value in one day.

On May 30, 2013, the Court preliminarily approved the proposed settlement.

COMPANY INFORMATION:

Sector: Technology
Industry: Electronic Instruments & Controls
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: ROBV
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. Massachusetts
DOCKET #: 01-CV-10876
JUDGE: Hon. Richard G. Stearns
DATE FILED: 05/23/2001
CLASS PERIOD START: 01/27/2000
CLASS PERIOD END: 05/15/2001
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Beatie & Osborne LLP
    599 Lexington Avenue, 42nd Floor, Beatie & Osborne LLP, NY 10022
    212.888.9000 212.888.9664 ·
  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
No Document Title Filing Date
COURT: D. Massachusetts
DOCKET #: 01-CV-10876
JUDGE: Hon. Richard G. Stearns
DATE FILED: 12/03/2001
CLASS PERIOD START: 01/27/2000
CLASS PERIOD END: 05/15/2001
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Kaplan Fox & Kilsheimer, LLP (former New York, NY)
    805 Third Avenue, 22nd Floor, Kaplan Fox & Kilsheimer, LLP (former New York, NY), NY 10022
    212.687.1980 212.687.7714 · info@kaplanfox.com
  2. Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY)
    One Pennsylvania Plaza, Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY), NY 10119-1065
    212.594.5300 ·
No Document Title Filing Date