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Case Status:    SETTLED
On or around 01/21/2004 (Date of order of final judgment)

Filing Date: July 09, 2001

According to the docket, on September 24, 2003, the Court entered the Preliminary Order certifying the class action and the Settlement Fairness Hearing on January 16, 2004. The hearing was held, and on January 21, 2004, the Court entered the Order and Final Judgment by U.S. District Judge Gary L. Lancaster granting the motion for Final Approval of the Class Action Settlement and granting the motion for an Award of Attorneys’ Fees and Reimbursement of Expenses. Plaintiffs' Counsel was awarded attorneys' fees in the amount of 33-1/3% of the net Settlement Fund, and $191,787.98 in reimbursement of expenses from the Settlement. The case is closed.

By the Notice of Proposed Settlement dated October 31, 2003, a settlement for $7.1 million has been proposed and submitted to the class of plaintiffs.

The original complaint charges defendants with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 for falsely reassuring investors during the class period that its revenues would rise this year, claiming that its geographic and business mix left it relatively immune from the economic downturn, and that it saw no need to change its guidance. The complaint further alleges that as a result of defendants' conduct, plaintiff and other members of the Class suffered damages.

Specifically, the complaint alleges that on April 11, 2001, in reaction to analysts' concerns about the impact the economic downturn was having on the Company's industry, Defendants falsely assured the investing community that Marconi did not need to change its earning guidance because ``the end demand is still there.'' However, less than three months later, on July 4, 2001, Marconi belatedly issued a profit warning, finally disclosing that tougher trading conditions in the three months to June meant that sales for the year would be 15 percent lower than last year. In addition, operating profit would be down by 50 percent for the year ending March 2002. The disclosure of Marconi's true financial condition was devastating to shareholders. Marconi ADR's, which hit a class period high of $12.50 on May 2, 2001, and had closed at $7.03 on July 3, 2001, dropped by over fifty percent when trading resumed, and closed on July 5, 2001 at only $3.35 per share.

COMPANY INFORMATION:

Sector: Capital Goods
Industry: Aerospace & Defense
Headquarters: United Kingdom

SECURITIES INFORMATION:

Ticker Symbol: MONI
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: W.D. Pennsylvania
DOCKET #: 01-CV-01259
JUDGE: Hon. Gary L. Lancaster
DATE FILED: 07/09/2001
CLASS PERIOD START: 04/11/2001
CLASS PERIOD END: 07/04/2001
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. Berger & Montague PC
    1622 Locust Street, Berger & Montague PC, PA 19103
    800.424.6690 215.875.4604 · investorprotect@bm.net
  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
No Document Title Filing Date
COURT: W.D. Pennsylvania
DOCKET #: 01-CV-01259
JUDGE: Hon. Gary L. Lancaster
DATE FILED: 12/21/2001
CLASS PERIOD START: 04/10/2001
CLASS PERIOD END: 07/03/2001
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Berger & Montague PC
    1622 Locust Street, Berger & Montague PC, PA 19103
    800.424.6690 215.875.4604 · investorprotect@bm.net
  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