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Case Status:    SETTLED
On or around 03/03/2006 (Date of order of final judgment)

Filing Date: August 08, 2001

According to the latest docket posted, on March 3, 2006, the Court entered the Order and Final Judgment, signed by U.S. District Judge John E. Sprizzo, settling the action. That same day, a notice of appeal was filed from the Judgment. The settlement is currently pending in the Second Circuit Court of Appeals.

Pursuant to the settlement described in the Notice Of Pendency of Class Action and Proposed Settlement, Motion For Attorneys’ Fees And Settlement Fairness Hearing, $46,000,000 (US$) will be made available for the benefit of purchasers of the APP Instruments.The Court will hold a Settlement Fairness Hearing at 3:00 p.m. on Monday, February 27, 2006, at the United States District Court for the Southern District of New York, 40 Centre Street, New York, New York 10007. At this hearing the Court will consider whether the settlement is fair, reasonable and adequate. At the Settlement Fairness Hearing, the Court also will consider the proposed Plan of Allocation for the proceeds of the Settlement and the application of Plaintiffs’ Co-Lead Counsel for attorneys’ fees and reimbursement of expenses.

On November 26, 2003, the Court granted the Motion to Dismiss the Amended Complaint against one of the defendants, Anderson Worldwide Societe Cooperative. The plaintiffs filed a Notice of Appeal and on, October 8, 2004, the appeal was withdrawn from the USCA.

The Defendants moved to dismiss the case on May 21, 2002. Thereafter, on May 30, 2002 the Court denied Defendants’’ motion to dismiss, and Plaintiffs filed a Consolidated Amended Class Action Complaint on June 5, 2002. The Defendants filed a renewed motion to dismiss the Consolidated Amended Class Action Complaint on July 8, 2002. The Court sustained the Complaint and discovery is ongoing in 2004.

The original class action lawsuit was filed alleging that defendants violated Sections 10(b) and 20(a) of
the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market between September 8, 1998 and April 4, 2001, thereby artificially inflating the price of Asia Pulp & Paper securities. Specifically, the complaint alleges that, throughout the Class Period, Asia Pulp & Paper issued press releases and filed financial statements which failed to disclose, among other things, that the Company had entered into two swap contracts involving Indonesian rupiah/US dollar and Japanese yen/US dollar swaps. On April 4, 2001, Asia Pulp & Paper finally disclosed that it was in default of $220 million of swap contracts that had not been disclosed on its financial statements for fiscal years 1997 to 2000. The stunning announcement followed a steady stream of news reports that Asia Pulp & Paper was facing a strong decline in its business and, as a result, was unable to service its debt. During the Class Period, Asia Pulp & Paper was able to raise hundreds of millions of dollars in much needed capital through the issuance of bonds and a secondary offering of its American Depositary Shares. ASIA PULP & PAPER CO.'S American depositary receipts are listed on the New York Stock Exchange, though trading has been suspended since April 4. An item in the World Watch column yesterday incorrectly stated the company also is listed in Singapore.

COMPANY INFORMATION:

Sector: Basic Materials
Industry: Paper & Paper Products
Headquarters: Singapore

SECURITIES INFORMATION:

Ticker Symbol: PAP
Company Market: New York SE
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: S.D. New York
DOCKET #: 01-CV-07351
JUDGE: Hon. Lewis A. Kaplan
DATE FILED: 08/08/2001
CLASS PERIOD START: 09/08/1998
CLASS PERIOD END: 04/04/2001
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abbey Gardy, LLP (New York)
    212 East 39th Street, Abbey Gardy, LLP (New York), NY 10016
    212.889.3700 · info@abbeygardy.com
  2. 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
  3. Bull & Lifshitz
    18 East 41st St., Bull & Lifshitz, NY 10017
    212.213.6222 212.213.9405 ·
  4. 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 ·
  5. Johnson & Perkinson
    1690 Williston Road, Johnson & Perkinson, VT 05403
    802.862.0030 802.862.0060 · JPLAW@adelphia.net
  6. 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
  7. Lerach Coughlin Stoia Geller Rudman & Robbins LLP (Melville)
    200 Broadhollow, Suite 406, Lerach Coughlin Stoia Geller Rudman & Robbins LLP (Melville), NY 11747
    631.367.7100 631.367.1173 · info@lerachlaw.com
  8. Milberg Weiss Bershad & Schulman LLP (New York)
    One Pennsylvania Plaza, 49th Floor, Milberg Weiss Bershad & Schulman LLP (New York), NY 10119
    212.594.5300 212.868.1229 · info@milbergweiss.com
  9. 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
  10. Rabin & Peckel LLP
    275 Madison Avenue, 34th Floor, Rabin & Peckel LLP, NY 10016
    212.682.1818 212.682.1892 · email@rabinlaw.com
  11. 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: S.D. New York
DOCKET #: 01-CV-07351
JUDGE: Hon. Lewis A. Kaplan
DATE FILED: 06/05/2002
CLASS PERIOD START: 08/28/1998
CLASS PERIOD END: 04/04/2001
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abbey Gardy, LLP (New York)
    212 East 39th Street, Abbey Gardy, LLP (New York), NY 10016
    212.889.3700 · info@abbeygardy.com
  2. Lerach Coughlin Stoia Geller Rudman & Robbins LLP (Melville)
    200 Broadhollow, Suite 406, Lerach Coughlin Stoia Geller Rudman & Robbins LLP (Melville), NY 11747
    631.367.7100 631.367.1173 · info@lerachlaw.com
  3. Milberg Weiss Bershad & Schulman LLP (New York)
    One Pennsylvania Plaza, 49th Floor, Milberg Weiss Bershad & Schulman LLP (New York), NY 10119
    212.594.5300 212.868.1229 · info@milbergweiss.com
No Document Title Filing Date
No Document Title Filing Date