Case Page

 

Case Status:    SETTLED
On or around 04/06/2005 (Date of order of final judgment)

Filing Date: June 06, 2002

According to the docket, on April 6, 2005, the Court entered the Final Judgment and Order granting the motion for settlement and awarding plaintiffs’ counsel fees. The civil case was terminated. Recently, on September 18, 2006, the Court entered the Order granting the motion for Disbursement of Funds. According to the lead counsel’s website, the settlement fund was in the amount of $1.2 million.

On September 26, 2002, the Court entered the Order signed by Judge Joseph A. Greenaway, Jr. granting the motion to consolidate cases and appointing lead plaintiffs and lead counsel. On November 13, 2002, the plaintiffs filed a First Amended Consolidated Complaint, and the defendants responded by filing a motion to dismiss. On September 30, 2003, the Court entered the Order granting the motion to dismiss with leave to file an amended complaint. On October 29, 2003, the plaintiffs filed a Second Amended Complaint, and the defendants responded by filing a motion to dismiss. On December 1, 2004, a motion for preliminary approval of settlement was filed, and later approved by the Order entered on January 4, 2005.

The original complaint charges that Meyerson and certain of its officers and directors violated Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, by issuing a series of materially false and misleading statements to the market between February 28, 2000 and April 9, 2002. Meyerson is a NASD registered broker/dealer and investment banking firm. The complaint alleges that Meyerson failed to disclose in its required Securities & Exchange Commission ("SEC") filings material facts regarding pending litigation, including among other cases, that the Company neglected to disclose that it was the subject of a pending arbitration claim that ultimately resulted in a $5.0 million award against Meyerson. The complaint further alleges that Meyerson misrepresented in its SEC filings that it was the 50.0% owner of a financial software company, TradinGear.com, Inc. In fact, neither Meyerson, nor Emeyerson, ever held more than 5.0% of TradinGear's stock. Moreover, the complaint alleges that Meyerson concealed from investors the fact that it was significantly behind in its plans to launch the Emeyerson online business, which was ultimately folded into another failing ecommerce venture. As a result of these misstatements and non-disclosures, according to the complaint, the Company's financial reports filed with the SEC throughout the Class Period were materially false and misleading, thereby artificially inflating the price of Meyerson securities.

COMPANY INFORMATION:

Sector: Financial
Industry: Investment Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: MHMY
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: D. New Jersey
DOCKET #: 02-CV-2724
JUDGE: Hon. Joseph A. Greenway Jr.
DATE FILED: 06/06/2002
CLASS PERIOD START: 02/28/2000
CLASS PERIOD END: 04/09/2002
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. 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
  2. Brian Barry
    1801 Avenue of the Stars, Suite 307 , Brian Barry, CA 90067
    310.788.0831 310.788.0841 · bribarry1@yahoo.com
  3. The Rosen Law Firm P.A. (Former New York Address)
    232 Madison Avenue, Suite 906, The Rosen Law Firm P.A. (Former New York Address), NY 10016
    212.686.1060 212.202.3827 · info@rosenlegal.com
No Document Title Filing Date
COURT: D. New Jersey
DOCKET #: 02-CV-2724
JUDGE: Hon. Joseph A. Greenway Jr.
DATE FILED: 10/29/2003
CLASS PERIOD START: 02/28/2000
CLASS PERIOD END: 04/09/2002
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Brian Barry
    1801 Avenue of the Stars, Suite 307 , Brian Barry, CA 90067
    310.788.0831 310.788.0841 · bribarry1@yahoo.com
  2. The Rosen Law Firm P.A. (Former New York Address)
    232 Madison Avenue, Suite 906, The Rosen Law Firm P.A. (Former New York Address), NY 10016
    212.686.1060 212.202.3827 · info@rosenlegal.com
No Document Title Filing Date