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Case Status:    DISMISSED    
On or around 10/05/2001 (Other)

Filing Date: August 06, 2001

According to the docket, on October 5, 2001, the Court entered the Stipulation and Order of dismissal of the action pursuant to Rules 41(a) and 23(e) of the FRCP, with prejudice and without costs to either side. The plaintiff's complaint previously dismissed by the Court's Order of 8/21/01 will not be amended. Defendants will not seek Rule 11 sanctions or reimbursement for expenses incurred in connection with this action. The case is closed.

On August 21, 2001, Judge Milton Pollack issued a Memorandum dismissing the complaint without prejudice. Plaintiffs had 30 days to refine their pleadings to proper allegations and proportions and to file an amended complaint in conformity with the Rules.

The complaint alleges that defendants violated the federal securities laws by issuing materially false and misleading statements designed to, and successfull encouraging, individual investors, including members of the Class, to purchase securities of AOL based not on objective analyses, but rather on defendants' desire to attract and retain AOL's investment banking business. Furthermore, defendant Meeker's ratings, recommendations, and positive comments regarding AOL during the Class Period were also improperly influenced by her desire to increase her undisclosed personal compensation, which depended in large part upon the amount of investment banking business she generated for defendants. Specifically, Meeker's conflicts of interest remained undisclosed as she issued "inflated" ratings and recommendations for AOL. Meeker knew that the financial condition and future business prospects of AOL did not support her positive comments and recommendations, but she nevertheless issued positive reports encouraging investors, including members of the Class, to purchase shares of AOL even in the face of legitimate contrary research entering the marketplace. Meeker knowingly issued inflated ratings for the purpose of improperly benefitting herself and Morgan Stanley.


Sector: Financial
Industry: Investment Services
Headquarters: United States


Ticker Symbol: AOL
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-7263
JUDGE: Hon. Milton Pollack
DATE FILED: 08/06/2001
CLASS PERIOD END: 05/14/2001
  1. Wolf Haldenstein Adler Freeman & Herz LLP (New York)
    270 Madison Avenue, Wolf Haldenstein Adler Freeman & Herz LLP (New York), NY 10016
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