Case Page

 

Case Status:    DISMISSED    
On or around 06/16/2004 (Other)

Filing Date: January 22, 2002

According to the docket posted, on September 10, 2002, the Court entered the Order granting the defendants' motion to dismiss the complaint with prejudice, and the case was closed. Further, on November 25, 2002, the Court entered the Memorandum and Order denying the plaintiff's motion to alter the Judgment. As a result, the plaintiff filed a notice of appeal. On June 16, 2004, the Court entered the certified copy of the Judgment from the Third Circuit Court of Appeals. The decision of the U.S. District Court was affirmed.

In an article dated September 23, 2002, a federal judge in Wilmington, Del., has found that a class action securities fraud suit challenging Cable & Wireless PLC's acquisition of Digital Island Inc. relied on group pleading, guilt by assumed knowledge and other vague allegations that were outlawed by the Private Securities Litigation Reform Act of 1995. He said plaintiffs had virtually no specifics to back up their charges that the Digital Island board was rewarded for selling the company cheaply during the dot-com downturn. In re Digital Island Securities Litigation, No. 02-057 (D. Del., Sept. 10, 2002).

The original Complaint alleges that defendants violated sections 14(a), 14(e), 14(d)(7) and 20(a) of the Securities Exchange Act of 1934 and SEC Rule 14d-10 promulgated thereunder, by failing to disclose material information to those Digital Island shareholders who had received an Offer to Purchase from defendant Cable & Wireless in May and June 2001, and to those Digital Island shareholders who received a proxy statement in connection with the merger between Digital Island and Cable & Wireless (the AProxy Statement@), which was consummated on August 30, 2001. In particular, defendants failed to disclose important contracts between Digital Island and Bloomberg, LLP, and Digital Island and Major League Baseball=s Internet media. Those contracts were not disclosed either in the Offer to Purchase or the Proxy Statement. Defendants also violated the all-holders provision of the Williams Act by giving additional consideration to directors and officers of Digital Island, who were also shareholders, in excess of that given to other Digital Island shareholders as an inducement to support Cable & Wireless= Offer to Purchase.

COMPANY INFORMATION:

Sector: Technology
Industry: Computer Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: ISLD
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. Delaware
DOCKET #: 02-CV-00057
JUDGE: Hon. Gregory M. Sleet
DATE FILED: 01/22/2002
CLASS PERIOD START: 05/14/2001
CLASS PERIOD END: 08/30/2001
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. 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
  2. Leo W. Desmond
    2161 Palm Beach Lakes Boulevard, Suite 204, Leo W. Desmond, FL 33409
    561.712.8000 561.712.8000 · stocklaw@bellsouth.net
  3. 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
  4. 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. Delaware
DOCKET #: 02-CV-00057
JUDGE: Hon. Gregory M. Sleet
DATE FILED: 05/15/2002
CLASS PERIOD START: 05/14/2001
CLASS PERIOD END: 08/30/2001
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Chimicles & Tikellis LLP (Haverford)
    361 West Lancaster Avenue, Chimicles & Tikellis LLP (Haverford), PA 19041
    888.805.7848 610.649.3633 · mail@chimicles.com
  2. 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
  3. 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
No Document Title Filing Date