Case Page

 

Case Status:    SETTLED
On or around 04/18/2003 (Date of order of final judgment)

Filing Date: April 29, 2002

In April 2003, the Company received a court order approving the proposed settlement with plaintiffs in class action shareholder lawsuits filed following its initial public offering. Pursuant to the settlement agreement, the Company paid to the class members (inclusive of their attorney fees and costs) $250,000 and issued them 500,000 six-year warrants to purchase its common stock at an exercise price of $10.00 per share. The Company also reached an agreement with the primary carrier of its directors' and officers' insurance policy such that the carrier paid to the Company $1.6 million in settlement for the shareholders' class action lawsuit.

The original action charged DOV and certain of its officers and directors, and the lead underwriters of DOV's IPO, CIBC World Markets and Lehman Brothers, with violations of Sections 11 and 12 of the Securities Act of 1933. DOV issued five million shares in its IPO on April 25, 2002 at $13 a share, but failed to timely inform the Class of a revision of its 1999 financial results to properly include a Joint Venture in Bermuda with Elan Corporation. The class of purchasers of the shares in the IPO or in the aftermarket were not promptly made aware of the restatement, and as a result, suffered losses on the first day of trading or thereafter, when the shares of DOV fell from $13 to $8.70 per share.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Biotechnology & Drugs
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: DOVP
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. New York
DOCKET #: 02-CV-3271
JUDGE: Hon. Robert W. Sweet
DATE FILED: 04/29/2002
CLASS PERIOD START: 04/25/2002
CLASS PERIOD END: 04/26/2002
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. Brian Felgoise
    230 South Broad Street, Suite 404 , Brian Felgoise, PA 19102
    215.735.6810 215/735.5185. ·
  3. 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 ·
  4. Cohen Milstein Hausfeld & Toll PLLC (Seattle WA)
    701 Fifth Avenue, Suite 6860, Cohen Milstein Hausfeld & Toll PLLC (Seattle WA), WA 98014
    206.521.0080 206.521.0166 · lawinfo@cmht.com
  5. Faruqi & Faruqi LLP (New York) (former)
    320 East 39th Street, Faruqi & Faruqi LLP (New York) (former), NY 10016
    212.983.9330 212.983.9331 · Nfaruqi@faruqilaw.com
  6. Kirby McInerney & Squire LLP
    830 Third Avenue 10th Floor, Kirby McInerney & Squire LLP, NY 10022
    212.317.2300 ·
  7. 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
  8. Schoengold & Sporn PC (New York)
    233 Broadway 39Th Floor, Schoengold & Sporn PC (New York), NY 10279
    212.964.0046 ·
  9. Slotnick Shapiro & Crocker, LLP
    100 Park Avenue - 35th Floor, Slotnick Shapiro & Crocker, LLP, NY 10017
    212.687.5000 212.687.3080 ·
  10. 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
  11. 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
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