Case Page

 

Case Status:    SETTLED
On or around 07/22/2004 (Date of order of final judgment)

Filing Date: March 11, 2002

According to a press release dated March 29, 2005, on March 18, the Honorable Katharine S. Hayden, U.S. District Judge, District of New Jersey, entered an order approving the Commission's plan to distribute disgorgement, prejudgment interest, and civil penalties paid by defendants Measurement Specialties, Inc. (MSI) and its former chief financial officer in connection with the defendants' settlement of the Commission's civil enforcement action against them. The distribution plan provides for the establishment of a distribution fund in the amount of $1,453,401 plus accrued interest, and the appointment of Berdon Claims Administration LLC, the claims administrator of the settlement distribution fund in In re Measurement Specialties, Inc. Securities Litigation, as the Commission's special agent to administer the distribution fund.

On July 21, 2004, the court approved its settlements of both the shareholder class action, In re Measurement Specialties, Inc. Securities Litigation, Civ. Action No. 02-CV-1071 (D.N.J.), and the Securities and Exchange Commission's civil action, SEC v. Measurement Specialties, Inc. and Kirk Dischino, Civ. Action No. 04-CV-3000 (D.N.J.). The final judgments were consistent with previously disclosed settlement terms.

On March 31, 2003, the Court denied all of the Plaintiffs' motions to certify the case as a class action. Plaintiffs have not filed an interlocutory appeal
of the Court's decision denying class certification to the Fifth Circuit Court
of Appeals. On June 2, 2003, the Plaintiff's submitted a proposed Trial and
Case Management Plan, suggesting that the Plan would cure the defects in the
Plaintiff's motions to certify the class. The Court has taken no action with
respect to the proposed Trial and Case Management Plan. The Plaintiffs' case
against the Defendants may now proceed in due course, but not on behalf of a
class of Plaintiffs but only with respect to the specific claims of the
Plaintiffs named in the lawsuit.

The original complaint charges Measurement Specialties and certain of its officers and directors with violations of the federal securities laws. The complaint alleges, among other things, that during the Class Period defendants issued a series of false and misleading statements regarding the Company's financial condition. In addition, the Registration Statement and Prospectus issued in connection with the offering misrepresented and omitted material facts concerning the Company's financial results. Furthermore, during the Class Period, and in violation of Generally Accepted Accounting Principles, defendants caused Measurement Specialties to falsely report favorable financial results by, among other things, improperly recognizing revenues and improperly overstating inventories. As a result, Measurement Specialties' stock traded at artificially inflated levels during the Class Period.

COMPANY INFORMATION:

Sector: Technology
Industry: Scientific & Technical Instr.
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: MSS
Company Market: American 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: D. New Jersey
DOCKET #: 02-CV-01071
JUDGE: Hon. William G. Bassler
DATE FILED: 03/11/2002
CLASS PERIOD START: 08/01/2001
CLASS PERIOD END: 02/14/2002
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Adkins & Kelston, P.C.
    90 Canal Street - 5th Floor, Adkins & Kelston, P.C., MA 2114
    617.367.1040 · info@akzlaw.com
  2. Berman DeValerio Pease Tabacco Burt & Pucillo (MA)
    One Liberty Square, Berman DeValerio Pease Tabacco Burt & Pucillo (MA), MA 02109
    617.542.8300 ·
  3. Bernard M. Gross
    1500 Walnut Street, Suite 600, Bernard M. Gross, PA 19102
    215.561.3600 215.561.3000 · bmgross@BernardMGross.com
  4. 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
  5. Brian Felgoise
    230 South Broad Street, Suite 404 , Brian Felgoise, PA 19102
    215.735.6810 215/735.5185. ·
  6. 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 ·
  7. Kaplan Fox & Kilsheimer, LLP (former New York, NY)
    805 Third Avenue, 22nd Floor, Kaplan Fox & Kilsheimer, LLP (former New York, NY), NY 10022
    212.687.1980 212.687.7714 · info@kaplanfox.com
  8. 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
  9. LeBlanc & Waddell, LLC
    201 St. Charles Avenue, Suite 3204, LeBlanc & Waddell, LLC, LA 70170
    504.523.9900 504.522.9300 ·
  10. Leo W. Desmond
    2161 Palm Beach Lakes Boulevard, Suite 204, Leo W. Desmond, FL 33409
    561.712.8000 561.712.8000 · stocklaw@bellsouth.net
  11. 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 ·
  12. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
  13. Shalov Stone & Bonner LLP
    276 Fifth Avenue, Suite 704, Shalov Stone & Bonner LLP, NY 10001
    212.686.8004 212.686.8005 · lawyer@lawssb.com
  14. The Emerson Firm
    2228 Cottondale Avenue, Suite 100, The Emerson Firm, AR 72202
    800.663.9817 501.907.2556 · epllp@emersonpoynter.com
  15. 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. New Jersey
DOCKET #: 02-CV-01071
JUDGE: Hon. William G. Bassler
DATE FILED: 09/12/2002
CLASS PERIOD START: 07/05/2001
CLASS PERIOD END: 07/12/2002
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Kaplan Fox & Kilsheimer, LLP (Morristown, NJ)
    237 South Street, Kaplan Fox & Kilsheimer, LLP (Morristown, NJ), NJ 07962
    973.656.0222 973.401.1114 · info@kaplanfox.com
  2. Kaplan Fox & Kilsheimer, LLP (former New York, NY)
    805 Third Avenue, 22nd Floor, Kaplan Fox & Kilsheimer, LLP (former New York, NY), NY 10022
    212.687.1980 212.687.7714 · info@kaplanfox.com
No Document Title Filing Date
No Document Title Filing Date