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Case Status:    SETTLED
On or around 08/12/2004 (Date of order of final judgment)

Filing Date: November 19, 2001

According to the docket posted, on August 11, 2004, a Settlement Fairness Hearing was held before Judge William E. Smith. That day, the Court certified the Class and heard arguments on the motion for final approval of the settlement, which was in the amount of $950,000. The Court approved the settlement and allowed the motion for attorneys’ fees and expenses. On August 12, 2004, the Court entered the Order and Final Judgment. The case was dismissed with prejudice and closed.

Earlier, on October 11, 2002, a Consolidated Amended Class Action Complaint was filed, and on December 24, 2002, the defendants filed a motion to dismiss the amended complaint. On July 25, 2003, the Court entered the Decision and Order by Judge Smith denying the motion to dismiss the amended complaint.

On July 12, 2002, LOA filed a voluntary petition for bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code. Accordingly, all litigation against LOA was stayed pursuant to the automatic stay provisions of the U.S. Bankruptcy Code and LOA was not named as a defendant in the Consolidated Amended Class Action Complaint dated October 11, 2002. LOA’s bankruptcy proceeding was later converted to a liquidation proceeding under Chapter 7 of the Bankruptcy Code.

The original Complaint alleges that defendants LOA and certain of its executive officers violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, by issuing materially false and misleading statements to the market. Specifically, throughout the Class Period, defendants repeatedly issued statements indicating that, among other things, the Company was on track to achieve the goals of its business plan and that it was successfully growing its service offerings and customer base through its numerous acquisitions. The complaint alleges that these statements were materially false and misleading because, among other things, they failed to disclose or misrepresented (a) that the revenues the Company was generating from its customer base, which was predominantly consumer-focused, were not sufficient to offset the extensive capital costs that the Company was incurring in order to build out its network and provision its products; (b) that the Company's "growth-by-acquisition" strategy was not meeting with success as the Company had acquired a collection of disparate businesses which it was unable to effectively integrate into its existing business; (c) that the Company was experiencing weakening demand for its products and services and was attempting to transition into different markets in order to reinvigorate its sales growth; and (d) that as a result of the foregoing adverse factors, the Company would not be profitable in the near-term, if at all, and would have to completely restructure its operations and slash costs.

COMPANY INFORMATION:

Sector: Technology
Industry: Computer Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: LOAX
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: D. Rhode Island
DOCKET #: 01-CV-550
JUDGE: Hon. Mary M. Lisi
DATE FILED: 11/19/2001
CLASS PERIOD START: 04/22/1999
CLASS PERIOD END: 11/20/2000
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bernstein Liebhard & Lifshitz, LLP (New York)
    10 E. 40th Street, 22nd Floor, Bernstein Liebhard & Lifshitz, LLP (New York), NY 10016
    800.217.1522 · info@bernlieb.com
  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. 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. Famiglietti & Carlin LTD
    128 Dorrance Street. Suite 300, Famiglietti & Carlin LTD, RI 02903
    401.331.9400 401.331.9405 ·
  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. 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
  8. Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY)
    One Pennsylvania Plaza, Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY), NY 10119-1065
    212.594.5300 ·
  9. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
  10. Wechsler Harwood LLP
    488 Madison Avenue 8th Floor, Wechsler Harwood LLP, NY 10022
    212.935.7400 · info@whhf.com
  11. 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: D. Rhode Island
DOCKET #: 01-CV-550
JUDGE: Hon. Mary M. Lisi
DATE FILED: 10/11/2002
CLASS PERIOD START: 04/22/1999
CLASS PERIOD END: 11/20/2000
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Boisseau & Dean LLP
    155 S. Main Street, Suite 405, Boisseau & Dean LLP, RI 02303
    401.831.4200 401.831.7053 · info@banddlaw.com
  2. 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
  3. Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY)
    One Pennsylvania Plaza, Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY), NY 10119-1065
    212.594.5300 ·
  4. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
  5. 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