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Case Status:    SETTLED
On or around 05/19/2006 (Date of order of final judgment)

Filing Date: June 21, 2002

On May 18, 2006, the Court entered the Order and Final Judgment approving the settlement. On October 17, 2006, the Court further entered the Order granting the motion for attorney fees. Class counsel Scott & Scott, LLP, was awarded a total of $1,205,662.30 from the settlement fund; and the firm of Shalov, Stone & Bonner, LLP was awarded a total of $33,808.84 from the settlement fund.

According to a press release dated March 16, 2006, the action has been certified as a class action for settlement purposes only and that a Settlement valued at $7 million has been proposed. A hearing will be held before the Honorable Miriam Goldman Cedarbaum, U.S.D.J., in the Daniel Patrick Moynihan United States Courthouse, 500 Pearl Street, Courtroom 14A, New York, New York, at 10:00 a.m., on May 18, 2006, to determine whether the proposed Settlement should be approved by the Court as fair, reasonable, and adequate, and to consider the application of Lead Counsel for attorneys' fees and reimbursement of expenses.

On October 17, 2002, the Court entered the Stipulation and Order consolidating the cases. On February 19, 2003, the Court entered the Order appointing Casper 1 Management Inc. and Albert M. Pruss as lead plaintiffs for the class. On October 11, 2003, a Second Amended Consolidated Complaint was filed. On September 10, 2004, a Third Party Amended Consolidated Complaint was filed. The defendants responded by filing motions to dismiss, which were later withdrawn. On January 17, 2006, a motion for preliminary approval of the proposed settlement was filed.

The original complaint alleges that the defendants engaged in a massive accounting fraud and made material misrepresentations and omissions of material facts concerning the company's financial condition and business performance during the relevant time. According to the complaint, the defendants knew or recklessly disregarded that the company was overstating revenues and assets by a vast
amount during the Class Period. As a result, investors have suffered substantial losses. The lawsuit was filed in Federal Court in New York City.

NOTE: According to the complaint, 360Networks would be named a defendant in this action except that it has filed for protection under the United States bankruptcy laws.

COMPANY INFORMATION:

Sector: Services
Industry: Communications Services
Headquarters: Canada

SECURITIES INFORMATION:

Ticker Symbol: TSIXQ
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-04837
JUDGE: Hon. Miriam Goldman Cedarbaum
DATE FILED: 06/21/2002
CLASS PERIOD START: 11/08/2000
CLASS PERIOD END: 06/28/2001
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. Cauley Geller, Bowman Coates & Rudman, LLP (Boca Raton, FL)
    One Boca Place. 2255 Glades Road, Suite 421A, Cauley Geller, Bowman Coates & Rudman, LLP (Boca Raton, FL), FL 33431
    561.750.3000 561.750.3364 ·
  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 (New York, NY)
    One Pennsylvania Plaza, Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY), NY 10119-1065
    212.594.5300 ·
  5. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
  6. Shalov Stone & Bonner LLP
    276 Fifth Avenue, Suite 704, Shalov Stone & Bonner LLP, NY 10001
    212.686.8004 212.686.8005 · lawyer@lawssb.com
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 02-CV-04837
JUDGE: Hon. Miriam Goldman Cedarbaum
DATE FILED: 10/11/2003
CLASS PERIOD START: 11/08/2000
CLASS PERIOD END: 06/28/2001
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Scott & Scott LLC (Connecticut)
    P.O. Box 192, 108 Norwich Avenue, Scott & Scott LLC (Connecticut), CT 06415
    860.537.5537 860.537.4432 · scottlaw@scott-scott.com
  2. Shalov Stone & Bonner LLP
    276 Fifth Avenue, Suite 704, Shalov Stone & Bonner LLP, NY 10001
    212.686.8004 212.686.8005 · lawyer@lawssb.com
No Document Title Filing Date
No Document Title Filing Date