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Case Status:    SETTLED
On or around 01/13/2003 (Date of order of final judgment)

Filing Date: February 15, 2001

According to the docket posted, on August 20, 2002, and August 30, 2002, a Stipulation of Partial Settlement and Stipulation of Settlement were filed, respectively. On January 13, 2001, the Court entered the Minute Order by U.S. District Judge Philip G. Reinhard. Ernst & Young LLP's motion for entry of judgment was granted, the Plaintiff's motion for final approval of class action settlement and award of attorney fees and expenses was granted, and the Court entered final judgment and order approving settlement and dismissal with prejudice. The case was terminated.

The original Complaint charges former officers and directors of ATS with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. Plaintiff claims that these defendants' issued a series of materially false and misleading press releases and filings with the United States Securities and Exchange Commission ("SEC") from March 30, 1998 through November 15, 1999. These press releases and filings allegedly failed to disclose the true nature of ATS's revenues and earnings, causing ATS's stock price to become artificially inflated and inflicting damages on investors. In January through April 2000, the Company issued a series of press releases that plaintiff claims revealed the Company's true financial status, including an announcement on January 11, 2000 that certain accounts may have been misstated in the Company's 1999 quarterly reports and 1998 annual report. On April 7, 2000 -- the end of the class period -- Nasdaq halted trading in the Company's shares. The Complaint also charges the accounting firm of Ernst & Young LLP with violating Section 10(b) of the Securities Exchange Act of 1934 by signing false and misleading audit reports on the financial statements contained in the Company's annual reports filed with the SEC for fiscal years 1997 and 1998. ATS filed its 1997 Form 10-K on March 31, 1998 and its 1998 Form 10-K on April 15, 1999. On April 11, 2000, the Company issued a press release announcing that Ernst & Young had advised it that as a result of previously reported accounting irregularities, investors should no longer rely on ATS's financial statements or the reports thereon for the years ended December 31, 1997 and 1998, and the interim financial statements for the first three quarters of 1999. ATS dismissed Ernst & Young as its independent accountants on November 13, 2000.

NOTE: Asche Transportation Services filed for bankruptcy under Chapter 7 on December 22, 2000 and accordingly, it is not named as a defendant herein.

COMPANY INFORMATION:

Sector: Transportation
Industry: Trucking
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: ASHE
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. Illinois
DOCKET #: 01-CV-50057
JUDGE: Hon. P. Michael Mahoney
DATE FILED: 02/15/2001
CLASS PERIOD START: 03/30/1998
CLASS PERIOD END: 04/07/2000
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Lionel Z. Glancy
    1801 Avenue of the Stars Suite 308, Lionel Z. Glancy, CA 90067
    310.201.9150 ·
  2. Rabin & Peckel LLP
    275 Madison Avenue, 34th Floor, Rabin & Peckel LLP, NY 10016
    212.682.1818 212.682.1892 · email@rabinlaw.com
No Document Title Filing Date
COURT: N.D. Illinois
DOCKET #: 01-CV-50057
JUDGE: Hon. P. Michael Mahoney
DATE FILED: 11/13/2001
CLASS PERIOD START: 03/30/1998
CLASS PERIOD END: 04/07/2000
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Berman DeValerio Pease & Tabacco PC
    One Liberty Square, Berman DeValerio Pease & Tabacco PC, MA 02109
    617.542.8300 ·
  2. 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
  3. Leo W. Desmond
    2161 Palm Beach Lakes Boulevard, Suite 204, Leo W. Desmond, FL 33409
    561.712.8000 561.712.8000 · stocklaw@bellsouth.net
  4. Lionel Z. Glancy
    1801 Avenue of the Stars Suite 308, Lionel Z. Glancy, CA 90067
    310.201.9150 ·
  5. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
  6. Rabin & Peckel LLP
    275 Madison Avenue, 34th Floor, Rabin & Peckel LLP, NY 10016
    212.682.1818 212.682.1892 · email@rabinlaw.com
No Document Title Filing Date