Case Page

 

Case Status:    SETTLED
On or around 08/27/2004 (Date of order of final judgment)

Filing Date: November 01, 2001

According to the Company’s FORM 10-K for the fiscal year ended December 31, 2004, in February 2004, the parties agreed to settle the case in exchange for a payment on behalf of all defendants of $4.5 million, with all settlement amounts paid by the Company’s director and officer liability insurance carrier. In August 2004, the court entered a final judgment dismissing the action.

In a press release dated June 17, 2004, the proposed settlement of the class action in the United States District Court for the Northern District of Illinois, Eastern Division, will be the subject of a hearing which will be held before the Honorable David H. Coar, United States District Judge, on August 25, 2004.

The complaint was filed charing Apropos Technology, Inc. with making false statements about the composition of the company's management team in regulatory filings linked to its initial public offering. According to the complaint, the prospectus for the February 17, 2000 offering falsely stated that co-founders Patrick K. Brady and William W. Bach were active members of its executive management team when they had stopped playing important roles within the company months before the prospectus was issued. Named as defendants are the company, its top directors and the underwriters who helped take it public. The prospectus listed Brady as chief technology officer and Bach as vice president of technology. But Apropos President and CEO Kevin G. Kerns had effectively ousted Brady after a power struggle that culminated in July 1999. Though Brady maintained his title, he no longer had a company office or any employees who reported to him. Similarly, Kerns stripped Bach of his executive managerial responsibilities and involvement in shaping the company's core technology. Kerns, who became the de-facto CTO, attempted to hire a replacement for Brady before the prospectus was issued, but was unsuccessful. So, Brady and Bach were listed in the prospectus as technology officers. Apropos issued nearly 4 million shares of common stock at $22 per share to thousands of investors based on offering materials that falsely stated that the founders who designed its key technological product were managing the company. "As a technology company whose business plan and future success depended heavily on proprietary technology, investors considered it important that the Apropos founders -- the people who developed and patented that proprietary technology -- still believed in the company, its business and its technology," the complaint says. "Plaintiffs and the other class members have lost tens of millions of dollars as a result of these material misrepresentations and omissions in the prospectus."

COMPANY INFORMATION:

Sector: Technology
Industry: Software & Programming
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: APRS
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. Illinois
DOCKET #: 01-CV-08406
JUDGE: Hon. David H. Coar
DATE FILED: 11/01/2001
CLASS PERIOD START: 02/17/2000
CLASS PERIOD END: 05/15/2000
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. Berman DeValerio Pease Tabacco Burt & Pucillo (MA)
    One Liberty Square, Berman DeValerio Pease Tabacco Burt & Pucillo (MA), MA 02109
    617.542.8300 ·
  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. Cauley Geller Bowman Coates & Rudman LLP (Little Rock, AR)
    P.O. Box 25438, Cauley Geller Bowman Coates & Rudman LLP (Little Rock, AR), AR 72221-5438
    501.312.8500 501.312.8505 ·
  5. 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
  6. Law Offices of Marc S. Henzel (Lawrence)
    335 Central Avenue, Law Offices of Marc S. Henzel (Lawrence), NY 11559
    516.374.0707 516.295.3473 · securitiesfraud@comcast.net
  7. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
  8. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
  9. Wolf Haldenstein Adler Freeman & Herz LLP (New York)
    270 Madison Avenue, Wolf Haldenstein Adler Freeman & Herz LLP (New York), NY 10016
    212.545.4600 212.686.0114 · newyork@whafh.com
No Document Title Filing Date
COURT: N.D. Illinois
DOCKET #: 01-CV-08406
JUDGE: Hon. David H. Coar
DATE FILED: 04/18/2002
CLASS PERIOD START: 02/17/2000
CLASS PERIOD END: 04/10/2001
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Berman DeValerio Pease Tabacco Burt & Pucillo (MA)
    One Liberty Square, Berman DeValerio Pease Tabacco Burt & Pucillo (MA), MA 2109
    617.542.8300 617.230.0903 · info@bermanesq.com
  2. 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
  3. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
  4. Robert D. Allison & Associates
    122 S. Michigan Avenue Ste 1850 , Robert D. Allison & Associates, IL 60603
    ·
  5. Stull, Stull & Brody (New York)
    6 East 45th Street, Stull, Stull & Brody (New York), NY 10017
    310.209.2468 310.209.2087 · SSBNY@aol.com
  6. 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