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Case Status:    SETTLED
On or around 10/17/2003 (Date of order of final judgment)

Filing Date: September 28, 2001

According to the docket, on April 16, 2003, a Stipulation of Settlement was filed, and on October 14, 2003, the Court entered the Order and Final Judgment of U.S. District Judge Jeffrey S. White. Judge White later issued an Order granting the Ex Parte Application for Distribution of Settlement Funds. The case is closed.

As reported in the Company's FORM 10-Q for the quarterly period ended April 30, 2003, the Company (now Sware, Inc.) entered into a stipulation of settlement with the plaintiffs on April 9, 2003. The stipulation of settlement, which is subject to court approval, provides for the full and final settlement and dismissal and release of all litigation brought by the plaintiffs and an insignificant settlement payment. The settlement payment will be paid by the Company's directors' and officers' insurance policy and, therefore, will not impact its financial position or results of operations.

The original Complaint alleges that defendants violated Section 11 of the Securities Act of 1933 by issuing and selling Loudcloud common stock pursuant to the March 8, 2001 initial public offering (``IPO'') without disclosing to investors: 1) Loudcloud's plans to substantially reduce its workforce and to restructure itself shortly after the public offering; 2) that the public offering was not raising funds sufficient to enable the Company to reach profitability and accomplish the planned expansion described in the prospectus; 3) the imminent cancellation of a major contract to which one of the underwriters was a party; and 4) that in order to enable the public offering to go forward, undisclosed sales of shares were made to insiders and the selling price of the offering was artificially maintained by the undisclosed sale of part of the offering to insiders.

COMPANY INFORMATION:

Sector: Technology
Industry: Computer Networks
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: LDCL
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. California
DOCKET #: 01-CV-20919
JUDGE: Hon. Jeffrey S. White
DATE FILED: 09/28/2001
CLASS PERIOD START: 03/08/2001
CLASS PERIOD END: 05/01/2001
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abraham, Fruchter & Twersky (New York, 42 Street)
    60 East 42 Street, Abraham, Fruchter & Twersky (New York, 42 Street), NY 10021
    212.687.6655 ·
  2. Brian Felgoise
    230 South Broad Street, Suite 404 , Brian Felgoise, PA 19102
    215.735.6810 215/735.5185. ·
  3. 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
  4. Bull & Lifshitz
    18 East 41st St., Bull & Lifshitz, NY 10017
    212.213.6222 212.213.9405 ·
  5. Cauley, Geller, Bowman, Coates & Rudman LLP (San Diego, CA)
    225 Broadway, Suite 1900, Cauley, Geller, Bowman, Coates & Rudman LLP (San Diego, CA), CA 92010
    619.702.7350 619.702.7351 ·
  6. Milberg Weiss Bershad Hynes & Lerach LLP (S.F., CA)
    100 Pine Street - Suite 2600, Milberg Weiss Bershad Hynes & Lerach LLP (S.F., CA), CA 94111
    415.288.4545 415.288.4534 ·
  7. 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
  8. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
No Document Title Filing Date
COURT: N.D. California
DOCKET #: 03-CV-00180
JUDGE: Hon. Jeffrey S. White
DATE FILED: 09/26/2002
CLASS PERIOD START: 03/08/2001
CLASS PERIOD END: 05/01/2001
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. 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
  2. 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
No Document Title Filing Date
No Document Title Filing Date