Case Page

 

Case Status:    SETTLED
On or around 05/17/2005 (Date of order of final judgment)

Filing Date: April 25, 2002

On January 21, 2005, a Joint Motion for Settlement was filed by the Lead Plaintiffs. On January 25, 2005, the Court entered the Order preliminarily approving the class action settlement. On May 17, 2005, the Court entered the Order and Final Judgment. According to the Order, the Court certifies the action as a class for purposes of settlement. This action and the consolidated suits are dismissed with prejudice. The Court appoints Garden City Group as the Claims Administrator. The Plan of Allocation is approved as fair and reasonable, and Plaintiffs' Co-Lead Counsel and the Claims Administrator are directed to administer the Stipulation in accordance with its terms and provisions. On May 9, 2006, the Court entered the Order granting the Motion for Distribution of Class Funds, Acceptance of Authorized Claims and Approval of Payment of Final Administration Expenses and Fees. According to the Notice of Pendency, the settlement fund was in the amount of $11 million.

As previously disclosed by the Company’s FORM 10-Q for the quarterly period ended June 30, 2004, on March 7, 2003, the Court granted a motion to dismiss the complaint and granted plaintiffs the opportunity to replead with respect to a minority of the alleged misstatements. On May 27, 2003, plaintiffs filed a second amended consolidated complaint. Pursuant to the Court’s September 17, 2003 order, on October 1, 2003, plaintiffs filed a revised second amended consolidated complaint. On April 16, 2004, the Court dismissed the action against two of the individual defendants but denied the motion to dismiss as to the remaining defendants. Plaintiffs are to file a motion for class certification on August 20, 2004. The matter, which is now in the discovery phase, is set for trial on April 5, 2005.

The original Complaint charges Universal Access and certain of its officers and directors with issuing a series of material misrepresentations to the market during the class period, thereby artificially inflating the price of Universal Access publicly traded securities in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 during the relevant time period.

COMPANY INFORMATION:

Sector: Services
Industry: Communications Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: UAXS
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: E.D. Texas
DOCKET #: 02-CV-00103
JUDGE: Hon. John Hannah Jr.
DATE FILED: 04/25/2002
CLASS PERIOD START: 05/10/2001
CLASS PERIOD END: 04/24/2002
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bernard M. Gross
    1500 Walnut Street, Suite 600, Bernard M. Gross, PA 19102
    215.561.3600 215.561.3000 · bmgross@BernardMGross.com
  2. 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 ·
  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. Much Shelist Freed Denenberg Ament & Rubenstein, PC

    800-470-6824 312-621-1750 ·
  5. Nix Patterson & Roach, LLP
    205 Linda Drive, Nix Patterson & Roach, LLP, TX 75638
    903.645.7333 ·
  6. Patton, Haltom, Roberts, McWilliams & Greer LLP
    2900 St. Michael Drive, Century Bank Plaza Suite 400, Box 6128, Patton, Haltom, Roberts, McWilliams & Greer LLP, TX 75505-6128
    903.334.7000 903.334.7000 · thefirm@pattonhaltom.com
  7. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
No Document Title Filing Date
COURT: E.D. Texas
DOCKET #: 02-CV-00103
JUDGE: Hon. John Hannah Jr.
DATE FILED: 02/11/2003
CLASS PERIOD START: 12/04/2000
CLASS PERIOD END: 03/22/2002
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bernard M. Gross
    1500 Walnut Street, Suite 600, Bernard M. Gross, PA 19102
    215.561.3600 215.561.3000 · bmgross@BernardMGross.com
  2. Cauley & Geller (Boca Raton)
    2255 Glades Road, #421A, Cauley & Geller (Boca Raton), FL 33431
    561.750.3000 ·
  3. 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
  4. Law Offices of Bruce G. Murphy
    265 Llwyds Lane, Law Offices of Bruce G. Murphy, FL 32963
    561.231.4202 ·
  5. Miller Faucher and Cafferty LLP
    30 North LaSalle Street, Miller Faucher and Cafferty LLP, IL 60602
    312.782.4880 ·
  6. Nix Patterson & Roach, LLP
    205 Linda Drive, Nix Patterson & Roach, LLP, TX 75638
    903.645.7333 ·
  7. Schiffrin, Craig & Barroway
    3 Bala Plaza, East, Suite 400, Schiffrin, Craig & Barroway, PA 19004
    610-667-7706 ·
  8. 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