Case Page

 

Case Status:    DISMISSED    
On or around 05/05/2005 (Other)

Filing Date: December 07, 2001

According to a press release dated April 1, 2005, the United States Court of Appeals for the Second Circuit upheld the dismissal of a proposed class action securities fraud complaint against Corning Incorporated and several of its officers. In a decision dated March 30, 2005, the Court of Appeals held that Judge Charles J. Siragusa of the United States District Court for the Western District of New York was correct in dismissing all claims of wrongdoing by Corning and its executives. Noting that plaintiffs had not provided any support to prove that Corning was aware that its business would slow, the Court affirmed Judge Siragusa's ruling that Corning was not required to be clairvoyant, and that Corning's expressions of hope regarding future earnings were tempered by sufficient warnings of risks.

On April 9, 2004, the Court dismissed the complaint in full. Plaintiffs filed a notice of appeal in the District Court for the Western District of New York on May 7, 2004. No decision on the appeal has been issued.

According to a Press Release dated December 7, 2001, the Complaint alleges that defendants violated Sections 11, 12(a)(2) and 15 of the Securities Act of 1933 by issuing a materially false and misleading Registration Statement and Prospectus (collectively, the "Prospectus") in connection with Corning's offering of common stock and debentures in November 2000 (the "Offering"). Specifically, the complaint alleges that the Prospectus was materially false and misleading, among other reasons, because it stated that demand for the Company's products was robust, because it omitted to disclose that the Company was amassing hundreds of millions of dollars of obsolete inventory that would have to be written-off, and because, given the foregoing, the projection of 25% earnings growth in 2001, contained in the Prospectus, was lacking in a reasonable basis at all times. On July 10, 2001, the Company announced it was taking a $5.1 billion charge primarily related to two recent acquisitions, that it would also write-off $300 million in excess and obsolete inventory, and that it would cut 1,000 jobs and close three plants. On July 25, 2001, the Company reported a massive second-quarter loss of $4.76 billion, or $5.13 per share. Corning's shares closed that day at$13.77, down 80% from the Offering price.

COMPANY INFORMATION:

Sector: Technology
Industry: Communications Equipment
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: GLW
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: W.D. New York
DOCKET #: 01-CV-6580
JUDGE: Hon. Charles J. Siragusa
DATE FILED: 12/07/2001
CLASS PERIOD START: 11/02/2000
CLASS PERIOD END: 07/25/2001
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abraham, Fruchter & Twersky (New York, 42 Street)
    60 East 42 Street, Abraham, Fruchter & Twersky (New York, 42 Street), NY 10021
    212.687.6655 ·
  2. Bull & Lifshitz
    18 East 41st St., Bull & Lifshitz, NY 10017
    212.213.6222 212.213.9405 ·
  3. 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 ·
  4. Glancy Binkow & GoldBerg LLP
    1925 Century Park East, Suite 2100, Glancy Binkow & GoldBerg LLP, CA 90067
    310-201-9150 · info@glancylaw.com
  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. 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 ·
  8. Much, Shelist, Freed, Denenberg, Ament & Eiger, P.C.
    200 N LaSalle St Ste 2100, Much, Shelist, Freed, Denenberg, Ament & Eiger, P.C., IL 60601
    312.346.3100 ·
  9. Rabin & Peckel LLP
    275 Madison Avenue, 34th Floor, Rabin & Peckel LLP, NY 10016
    212.682.1818 212.682.1892 · email@rabinlaw.com
  10. Schatz & Nobel, P.C.
    330 Main Street, Schatz & Nobel, P.C., CT 06106
    800.797.5499 860.493.6290 · sn06106@AOL.com
  11. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
  12. Wechsler Harwood LLP
    488 Madison Avenue 8th Floor, Wechsler Harwood LLP, NY 10022
    212.935.7400 · info@whhf.com
  13. 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
  14. 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: W.D. New York
DOCKET #: 01-CV-6580
JUDGE: Hon. Charles J. Siragusa
DATE FILED: 10/25/2002
CLASS PERIOD START: 11/02/2000
CLASS PERIOD END: 07/25/2001
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abraham, Fruchter & Twersky (New York, One Pennsylvania Plaza)
    One Pennsylvania Plaza, Suite 1910, Abraham, Fruchter & Twersky (New York, One Pennsylvania Plaza), NY 10119
    212.279.5050 212.279.3655 · JFruchter@FruchterTwersky.com
  2. Curtis V. Trinko LLP
    16 West 46th Street 7th Floor, Curtis V. Trinko LLP, NY 10036
    212.490.9550 212.986.0158 · ctrinko@trinko.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
No Document Title Filing Date