According to the docket posted, on April 10, 2003, the plaintiffs’ filed a notice of voluntary dismissal. The next day, the Court issued and entered the Order signed by U.S. District Judge Andre M. Davis approving the plaintiffs’ filed a notice of voluntary dismissal. The case is closed.
On July 17, 2002, the Court entered the Order granting the joint motion to consolidate all cases. On August 22, 2002, the Court entered the Stipulation of dismissal without prejudice as to defendants USInternetworkings, Inc., due to the company’s bankruptcy. On January 16, 2003, the Court entered the Order appointing lead plaintiff and approving the lead plaintiffs’ selection of co-lead counsel. On March 17, 2003, the plaintiffs filed an Amended Complaint.
The class action seeks damages under federal securities laws for anyone who bought USinternetworking, Inc. stock between February 17, 2000 and January 7, 2002, inclusive (the "Class Period"). The complaint charges defendants with violations of the Securities Act of 1934. The complaint alleges that subsequent to the Company's Secondary Offering, it begun to disseminate false and misleading press releases concerning its dire financial position which lead to it transaction with Bain Capital Partners, L.L.C. and complete dilution of shareholders' equity.