According to the docket posted, on October 26, 2001, the Court entered the Order consolidating the related actions, appointing lead plaintiff and approving lead plaintiff’s selection of lead counsel. On November 28, 2001, the plaintiffs filed an Amended Class Action Complaint. In March 2002, the defendants responded by filing motions to dismiss the complaint. On August 15, 2002, the Court entered the Memorandum and Order signed by U.S. District Judge Lawrence M. McKenna granting the motions to dismiss the complaint. Finally, on August 20, 2002, the Court entered Judgment, and the case was closed
The original complaint alleges that the prospectus authored by defendants misrepresented the true state of Streamedia's business at the time of the IPO. Specifically, the complaint alleges that Streamedia did not have any of the Internet broadcasting and other technical capabilities that were described in the prospectus. Furthermore, the complaint alleges that the Streamedia had not developed any programming or content for distribution and did not have any licensees or distributors for its claimed programming at the time of the IPO.