Case Page

 

Case Status:    SETTLED
On or around 11/04/2004 (Date of order of final judgment)

Filing Date: July 24, 2002

According to the Lead Counsel's website, after the court denied defendants’ motion to dismiss the complaint, the parties briefed the issue of whether the securities were traded in an efficient market. Prior to a decision on market efficiency, Plaintiffs settled the case for a $1.4 million payment to class members.

The original complaint charges that Empyrean and certain of its current and former officers and directors violated Sections 11 and 12(a)(2) of the Securities Act of 1933 and 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 July 30, 1999 through December 7, 2001. Empyrean claims to develop and sell microbicidal products and also markets a hand sanitizer in retail stores. The complaint alleges that Empyrean misrepresented in its required Securities & Exchange Commission ("SEC") filings material facts concerning clinical trials for its Geda Plus microbicidal gel. Specifically, the complaint alleges that the Company misrepresented that the National Institute of Health was funding and participating in clinical trials. Additionally, the Company misrepresented that Phase III clinical trials were proceeding in Brazil during 2001. 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 Empyrean securities.

COMPANY INFORMATION:

Sector: Consumer Non-Cyclical
Industry: Personal & Household Products
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: EMDG
Company Market: OTC-BB
Market Status: OTC

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: N.D. Ohio
DOCKET #: 02-CV-01439
JUDGE: Hon. Patricia A. Gaughan
DATE FILED: 07/24/2002
CLASS PERIOD START: 07/30/1999
CLASS PERIOD END: 12/07/2001
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. 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
  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
COURT: N.D. Ohio
DOCKET #: 02-CV-01439
JUDGE: Hon. Patricia A. Gaughan
DATE FILED: 07/09/2003
CLASS PERIOD START: 05/06/1998
CLASS PERIOD END: 07/27/2002
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Landskroner - Grieco, Ltd.
    1360 West 9th St., Suite 200, Landskroner - Grieco, Ltd. , OH 44113-1904
    866.522.9500 · jack@landskronerlaw.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
No Document Title Filing Date