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Case Status:    SETTLED
On or around 05/14/2004 (Date of order of final judgment)

Filing Date: December 21, 2001

On February 22, 2006, the Court entered the Judgment approving the settlement with the remaining defendant, BDO Seidman, LLP. On March 7, 2007, the Court entered the Order granting motion authorizing the distribution of global net settlement fund.

By the Notice of Proposed Final Settlement of Action, a settlement with the last remaining defendant in the action, BDO Seidman, LLP, has been established. A hearing will be held on February 14, 2006 at 9:00 a.m., for the purpose of determining : (a) whether the proposed Settlement of the claims in the Action against Settling Defendant pursuant to a Stipulation and Agreement of Settlement dated as of October 31, 2005 for $3.25 million in cash should be approved by the Court as fair, reasonable and adequate; (b) whether the claims asserted against the Settling Defendant should be dismissed with prejudice as set forth in the Stipulation; (c) whether the proposed Plan of Allocation of the net proceeds of the settlements in this action set forth below should be approved as fair and reasonable, and (d) whether the application by Lead Counsel for an award of attorneys' fees and reimbursement of costs and expenses incurred should be approved.

A second partial settlement of the action for $6.75 million cash was achieved with defendants BDO International B.V.and BDO International Accountants & Consultants. The Notice Of Proposed Partial Settlement Of Action and Attorneys’ Fee Petition dated August 23, 2004, describes the proposed partial settlement. The case is continuing against defendant BDO Seidman, LLP. The partial settlement was approved by the Judgment entered on October 21, 2004.

The Lead Plaintiff entered into a partial settlement of the action with the ACLN defendants, consisting of ACLN and the individual defendants. The settlement was approved by the Court on May 14, 2004. The Notice of Pendency of Class Action, Hearing on Proposed Partial Settlement and Attorneys' Fee Petition and Right to Share in Settlement Fund dated February 18, 2004, describes the history of the action and the terms of the $5.5 million settlement with the ACLN Defendants.

The original Complaint alleges that defendants 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. Beginning on June 29, 2000, and continuing throughout the Class Period, defendants issued multiple press releases and filed quarterly and annual reports with the SEC which highlighted the Company's growth and strong financial performance. As alleged in the Complaint, these statements were materially false and misleading because they failed to describe the true state of financial affairs at the Company. Specifically, defendants (a) failed to disclose certain self-dealing transactions between defendant Bisschops and certain private entities which he controlled; (b) overstated the Company's assets by listing a shipping vessel, the Sea Atef, as an asset of the Company when, in fact, the Company did not own the Sea Atef; (c) understated the Company's selling, general and administrative expenses, causing the Company's net income to be overstated; and (d) violated Generally Accepted Accounting Principles ("GAAP") and the Company's own stated policy with regard to recognition of revenue by reporting revenue for the cars that it sold as soon as the ship carrying the cars left the port and not when the shipment was completed. The truth about these statements finally came to light on December 20, 2001, in an article published by Herb Greenberg on The Street.com. In response to the questions raised in Greenberg's article, shares of ACLN plunged 64%, falling $16.71 to close at $9.40 per share.

COMPANY INFORMATION:

Sector: Transportation
Industry: Misc. Transportation
Headquarters: Belgium

SECURITIES INFORMATION:

Ticker Symbol: ASW
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-11814
JUDGE: Hon. Theodore H. Katz
DATE FILED: 12/21/2001
CLASS PERIOD START: 06/29/2000
CLASS PERIOD END: 12/20/2001
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abbey Gardy & Squiteri LLP (San Francisco)
    595 Market Street, Suite 2500, Abbey Gardy & Squiteri LLP (San Francisco), CA 94105
    415.538.3725 ·
  2. Abraham & Paskowitz
    The Lincoln Building 60 East 42nd St., 47th Fl.,, Abraham & Paskowitz, NY 10165
    212.692.0555 212.557.6151 · info@ClassActionsOnline.com
  3. Beatie & Osborne LLP
    599 Lexington Avenue, 42nd Floor, Beatie & Osborne LLP, NY 10022
    212.888.9000 212.888.9664 ·
  4. 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
  5. Bernard M. Gross
    1500 Walnut Street, Suite 600, Bernard M. Gross, PA 19102
    215.561.3600 215.561.3000 · bmgross@BernardMGross.com
  6. 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
  7. 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 ·
  8. Goodkind Labaton Rudoff & Sucharow LLP
    100 Park Avenue, Goodkind Labaton Rudoff & Sucharow LLP, NY 10017
    212.907.0700 212.818.0477 · info@glrslaw.com
  9. Kirby McInerney & Squire LLP
    830 Third Avenue 10th Floor, Kirby McInerney & Squire LLP, NY 10022
    212.317.2300 ·
  10. 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
  11. 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
  12. LeBlanc & Waddell, LLC
    201 St. Charles Avenue, Suite 3204, LeBlanc & Waddell, LLC, LA 70170
    504.523.9900 504.522.9300 ·
  13. Levy & Levy

    ·
  14. Lionel Z. Glancy
    1801 Avenue of the Stars Suite 308, Lionel Z. Glancy, CA 90067
    310.201.9150 ·
  15. 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 ·
  16. 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 ·
  17. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
  18. Rabin & Peckel LLP
    275 Madison Avenue, 34th Floor, Rabin & Peckel LLP, NY 10016
    212.682.1818 212.682.1892 · email@rabinlaw.com
  19. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
  20. Shalov Stone & Bonner LLP
    276 Fifth Avenue, Suite 704, Shalov Stone & Bonner LLP, NY 10001
    212.686.8004 212.686.8005 · lawyer@lawssb.com
  21. 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
  22. Wechsler Harwood LLP
    488 Madison Avenue 8th Floor, Wechsler Harwood LLP, NY 10022
    212.935.7400 · info@whhf.com
  23. Weinstein, Kitchenoff, Scarlato & Goldman
    1608 Walnut Street, Suite 1400, Weinstein, Kitchenoff, Scarlato & Goldman, PA 19103
    215.545.7200 215.545.6535 · info@wksg.com
  24. 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
  25. 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: S.D. New York
DOCKET #: 01-CV-11814
JUDGE: Hon. Theodore H. Katz
DATE FILED: 05/29/2002
CLASS PERIOD START: 06/29/2000
CLASS PERIOD END: 03/18/2002
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abbey Gardy, LLP (New York)
    212 East 39th Street, Abbey Gardy, LLP (New York), NY 10016
    212.889.3700 · info@abbeygardy.com
  2. Bernstein Litowitz Berger & Grossmann LLP (Former New York)
    1285 Avenue of the Americas, 33rd Floor, Bernstein Litowitz Berger & Grossmann LLP (Former New York), NY 10019
    212.554.1400 212.554.1444 · blbg@blbglaw.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. Starr & Hollman LLP

    ·
  5. 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