Case Page

 

Case Status:    DISMISSED    
On or around 02/10/2003 (Date of order of final judgment)

Filing Date: April 22, 2002

According to the Company’s FORM 10-K for the fiscal year ended February 28, 2003, a consolidated amended class action complaint, which alleged federal securities law violations by the Company and its chief executive officer, chief financial officer and principal accounting officer, was filed in the United States District Court for the Eastern District of Virginia. The Company and the individual Defendants filed a motion to dismiss the suit that was heard by the Court in January of 2003. In February 2003 the Court granted the motion and dismissed the consolidated amended complaint with prejudice. No appeal was taken by the Plaintiffs.

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 a series of material misrepresentations to the market between December
6, 2001 and February 22, 2002, thereby artificially inflating the price of
Circuit City securities. The complaint alleges that defendants issued
materially false and misleading statements during the Class Period which failed
to disclose, among other things, that Circuit City was facing significant
inventory shortages and was experiencing problems with its internal controls
which would result in the Company having to incur additional expenses
associated with the termination of leases and with the remodeling of almost
half of its retail stores. When defendants belatedly disclosed these problems
on February 22, 2002, the last day of the Class Period, the price of Circuit
City stock plummeted over 33% to close at $16.08 per share.

COMPANY INFORMATION:

Sector: Services
Industry: Retail (Technology)
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: CC
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: E.D. Virginia
DOCKET #: 02-CV-00258
JUDGE: Hon. James R. Spencer
DATE FILED: 04/22/2002
CLASS PERIOD START: 12/06/2001
CLASS PERIOD END: 02/22/2002
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. 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 ·
  2. 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 ·
  3. Murray, Frank & Sailer LLP (Milwaukee)
    3181 South 27th Street, Murray, Frank & Sailer LLP (Milwaukee), WI 53215
    866.264.3995 414.482.8001 · info@murrayfrank.com
  4. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
  5. The Emerson Firm
    2228 Cottondale Avenue, Suite 100, The Emerson Firm, AR 72202
    800.663.9817 501.907.2556 · epllp@emersonpoynter.com
No Document Title Filing Date
COURT: E.D. Virginia
DOCKET #: 02-CV-00258
JUDGE: Hon. James R. Spencer
DATE FILED: 09/18/2002
CLASS PERIOD START: 06/15/2001
CLASS PERIOD END: 06/17/2002
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Butler Williams & Skilling PC
    100 Shockoe Slip, 4th Floor, Butler Williams & Skilling PC, VA 23219
    804.648-4848 ·
  2. 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 ·
No Document Title Filing Date