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Case Status:    SETTLED
On or around 11/22/2006 (Ongoing date of last review)

Filing Date: April 16, 2002

According to a press release dated November 21, 2006, pursuant to an Order of the United States District Court for the Southern District of Florida, a hearing will be held on January 26, 2007, at 9:00 a.m., before the Honorable Cecilia M. Altonaga, United States District Judge, Southern District of Florida, 301 North Miami Avenue, 4th Floor, Miami, Florida 33128, for the purpose of determining whether: (1) the proposed settlement of the claims in the Litigation for the sum of $1.5 million in cash, plus interest and other income earned thereon since the creation of the Settlement Fund, should be approved by the Court as fair, just, reasonable, and adequate; (2) thereafter, this Litigation should be dismissed with prejudice as set forth in the Stipulation of Settlement dated as of October 23, 2006 (the "Stipulation"); (3) the Plan of Allocation is fair, just, reasonable, and adequate and therefore should be approved; and (4) the application of Lead Counsel for the payment of attorneys' fees and reimbursement of costs and expenses, and the reimbursement of the Class Representatives' expenses, incurred in connection with this Litigation should be approved.

As disclosed by the Company’s FORM 10-Q for the quarterly period ended December 31, 2005, on August 20, 2002, the Company filed a motion to dismiss the complaint and in December 2002, the Company's motion was granted by the court and the complaint was dismissed. In January 2003, an amended class action complaint (the "Amended Complaint") was filed adding certain of the Company's current and former directors as defendants. The lead plaintiffs in the Amended Complaint sought to act as representatives of a class consisting of all persons who purchased the Company's Common Stock (i) issued pursuant to the Company's September 26, 2000 secondary offering (the "Secondary Offering") or (ii) during the period from September 26, 2000 through June 22, 2001, inclusive. On April 18, 2003, the Company filed a motion to dismiss the Amended Complaint and on August 27, 2004, the court dismissed all claims against the defendants related to the Secondary Offering. On September 8, 2005, the court granted the plaintiffs' motion for class certification and certified as plaintiffs all persons who purchased the Common Stock between January 18, 2001 and June 22, 2001, inclusive, and who were allegedly damaged thereby (the period January 18, 2001 through June 22, 2001 hereinafter referred to as the "Class Period"). Pursuant to a scheduling order of the court, trial in this matter is scheduled to commence on November 13, 2006.

The allegations remaining in the Amended Complaint are centered around claims that the Company failed to disclose, in periodic reports it filed with the SEC and in press releases it made to the public during the Class Period regarding its operations and financial results, that a large portion of its accounts receivable was represented by a delinquent and uncollectible balance due from then customer, KB Gear Interactive, Inc. ("KB Gear"), and that a material portion of its inventory consisted of customized components that had no alternative usage. The Amended Complaint claims that such failures artificially inflated the price of the Common Stock. The Amended Complaint seeks unspecified damages, interest, attorneys' fees, costs of suit and unspecified other and further relief from the court.

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 January
18, 2001 and June 22, 2001, thereby artificially inflating the price of Concord
securities. The complaint alleges that, throughout the Class Period, defendants
issued a series of materially false and misleading statements which failed to
disclose that (i) no less than $15,777,000, more than 45% of the Company's
receivables, represented an unsecured and delinquent balance due from one single
customer--KB Gear; (ii) this delinquent $15,777,000 receivable balance was
uncollectible; and (iii) due to KB Gear's inability to pay for merchandise, the
Company was stuck with a large quantity of customized higher-cost specialty
components which had no alternative use and were non-salable.

The complaint further alleges that on or around June 22, 2001, the last day of the Class Period, the Company issued a press release revising its fourth quarter guidance and disclosing for the first time that: (i) excess inventory positions at many of the Company's customers and the resulting changes in their purchasing patterns have adversely affected inventory sales; (ii) the Company will record the following one-time charges against income in the quarter: $15.8 million accounts receivable provision, $4.3 million inventory provision, $1.4 million restructuring charge; and (iii) the accounts receivable provision and $2.0 million of the inventory provision relate to a financially troubled former customer of the Company with respect to which
management has concluded that workout efforts are not likely to be successful.
In response to these disclosures, the price of Concord stock plummeted over 20%
to close at $6.02.

COMPANY INFORMATION:

Sector: Consumer Cyclical
Industry: Photography
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: LENS
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: S.D. Florida
DOCKET #: 02-CV-21154
JUDGE: Hon. Patricia A. Seitz
DATE FILED: 04/16/2002
CLASS PERIOD START: 01/18/2001
CLASS PERIOD END: 06/22/2001
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. 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
  3. Leo W. Desmond
    2161 Palm Beach Lakes Boulevard, Suite 204, Leo W. Desmond, FL 33409
    561.712.8000 561.712.8000 · stocklaw@bellsouth.net
  4. Milberg Weiss Bershad Hynes & Lerach LLP (Boca Raton)
    The Plaza, Suite 900, 5355 Town Center Road, Milberg Weiss Bershad Hynes & Lerach LLP (Boca Raton), FL 33486
    561.361.5000 ·
  5. The Emerson Firm
    2228 Cottondale Avenue, Suite 100, The Emerson Firm, AR 72202
    800.663.9817 501.907.2556 · epllp@emersonpoynter.com
  6. 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. Florida
DOCKET #: 02-CV-21154
JUDGE: Hon. Patricia A. Seitz
DATE FILED: 01/24/2003
CLASS PERIOD START: 09/26/2000
CLASS PERIOD END: 06/22/2001
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Lerach Coughlin Stoia Geller Rudman & Robbins LLP (Boca Raton)
    197 South Federal Highway, Suite 200, Lerach Coughlin Stoia Geller Rudman & Robbins LLP (Boca Raton), FL 33432
    561.750.3000 56.750.3364 · info@lerachlaw.com
  2. Milberg Weiss Bershad & Schulman LLP (Boca Raton)
    5355 Town Center Road, Suite 900, Milberg Weiss Bershad & Schulman LLP (Boca Raton), FL 33486
    561.361.5000 561.367.8400 · info@milbergweiss.com
  3. Milberg Weiss Bershad Hynes & Lerach LLP (Boca Raton)
    The Plaza, Suite 900, 5355 Town Center Road, Milberg Weiss Bershad Hynes & Lerach LLP (Boca Raton), FL 33486
    561.361.5000 ·
No Document Title Filing Date