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Case Status:    SETTLED
On or around 10/24/2005 (Date of order of final judgment)

Filing Date: September 06, 2002

On October 24, 2005, the Court entered the Final Order and Final Judgment signed by U.S. District Judge Samuel H. Mays Jr.. The settlement was approved.

According to the Notice of Pendency ad Settlement of Class Action, the proposed Stipulation and Agreement of Settlement of Class Action creates a Settlement Fund in the amount of $13,250,000.00. A hearing will take place on October 21, 2005, for the purpose of determining whether: (a) the proposed settlement and Settlement Agreement should be approved as fair, reasonable and adequate; (b) the proposed Plan of Allocation is fair, reasonable, and adequate and should be approved; (c) the Court should approve applications of Plaintiffs. Counsel for an award of attorneys. fees, costs and expenses; and (d) the Court should enter the Final Judgment dismissing the Action with prejudice as against Defendants and releasing the Released Parties. T

As summarized by the same Notice, on November 29, 2002, the Court entered an Order consolidating the actions. Thus, the litigation, in its entirety, exists as consolidated Case No. 02-CV-2697 (.the Action.). Furthermore, on this same date, the Court confirmed the appointment of J.T. Milligan, James Keith Milligan, and J. Curtis Williams, Jr. as Lead Plaintiffs for the Action. By the same Order, the Court approved the selection of Plaintiffs. Lead Counsel: Wolf Haldenstein Adler Freeman & Herz LLP. Lead Plaintiffs filed their Consolidated Amended Class Action Complaint (the .Complaint.) on February 17, 2003. The Complaint generally alleges that Defendants violated Section 10(b) and, in the case of the Individual Defendants, Section 20(a) of the Securities Exchange Act of 1934, by issuing materially false and misleading statements during the Settlement Class Period concerning Concord’s financial condition and operating results, including concerning Concord’s transactions with H & F Services, Inc., an entity that served as a sales organization for certain of Concord’s products. Defendants filed a Motion to Dismiss on May 2, 2003, and then Plaintiffs filed their Response to the Motion to Dismiss on May 30, 2003. Defendants then filed a Reply to Plaintiffs. Response on June 25, 2003. On January 7, 2004, this Court entered an order denying the Motion to Dismiss filed by Defendants, and, thereafter, Defendants filed an Answer and Separate or Affirmative Defenses on February 27, 2004. Discovery occurred thereafter. Beginning in January 2005, Lead Plaintiffs and Defendants submitted to mediation with an independent mediator. Following mediation, the parties entered into the Settlement Agreement to settle the Action, subject to the approval of the Court.

The original action charges that Concord and certain of its officers and directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market during the Class Period, thereby artificially inflating the price of Concord common stock. Specifically, the Complaint alleges that Defendants repeatedly misrepresented the strength of Concord's operating performance and growth in order to inflate the price of Concord stock to complete acquisitions using Concord's stock as currency and to sell off their own Concord stock, pocketing over $160 million in illegal insider-trading proceeds. Throughout the Class Period, Defendants maintained that: (1) the Company's margins were 'immune' to average ticket size declines due to its fixed fee; (2) the Company's revenue growth was accelerating; (3) rumors about top management departures were unfounded; (4) the Company was successfully integrating acquired companies into Concord such that the Company would achieve synergies and improved operating margins going forward; (5) new contracts with major companies would contribute significantly to 2002 revenues and problems with its new WalMart contract had been resolved in December 2001; and (6) the Company was on track to report EPS of $0.75 and $0.93 in 2002 and 2003, respectively. The truth, however was that the Company's business was not growing as represented, but was suffering from increased costs and declining margins. Then, on September 5, 2002, Concord shocked the market with news that its CEO was stepping down and that its 2002 and 2003 earnings would be much lower than represented. On this news, Concord's stock dropped to $12.60 per share.

COMPANY INFORMATION:

Sector: Financial
Industry: Consumer Financial Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: CEFT
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: W.D. Tennessee
DOCKET #: 02-CV-2697
JUDGE: Hon. Samuel H. Mays Jr.
DATE FILED: 09/06/2002
CLASS PERIOD START: 10/30/2001
CLASS PERIOD END: 09/04/2002
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. 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 ·
  2. Lockridge, Grindal, Nauen P.L.L.P.
    Suite 301, 660 Pennsylvania Avenue Southeast, Lockridge, Grindal, Nauen P.L.L.P., DC 20003-4335
    202.544.9840 202.544.9850 ·
  3. Rosenblum & Retsman, P.C.
    80 Monroe Avenue, Rosenblum & Retsman, P.C., TN 38103
    901.527.9600 901.527.9620 ·
  4. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
  5. Spector Roseman & Kodroff (San Diego)
    1818 Market Street, Suite 2500, Spector Roseman & Kodroff (San Diego), PA 19103
    215.496.0300 215.496.6611 ·
No Document Title Filing Date
COURT: W.D. Tennessee
DOCKET #: 02-CV-2697
JUDGE: Hon. Samuel H. Mays Jr.
DATE FILED: 02/18/2003
CLASS PERIOD START: 03/29/2001
CLASS PERIOD END: 09/04/2002
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Barrack, Rodos & Bacine (Main office, Philadelphia)
    Two Commerce Square, 2001 Market Street, Suite 3300 , Barrack, Rodos & Bacine (Main office, Philadelphia), PA 19103
    215.963.0600 215.963.0838 · info@barrack.com
  2. Barrett, Johnston & Parsley
    217 Second Avenue, N, Barrett, Johnston & Parsley, TN 37201
    615.244.2202 ·
  3. 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
  4. Cauley Geller Bowman & Coates (Boca Raton, FL)
    2255 Glades Road Suite 421A, Cauley Geller Bowman & Coates (Boca Raton, FL), FL 33431
    561.750.3000 ·
  5. Kohn, Swift & Graf, P.C.
    One South Broad Street - Suite 2100, Kohn, Swift & Graf, P.C. , PA 19107
    215.238.1700 215.238.1960 · info@kohnswift.com
  6. 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
  7. Law Offices of Marc S. Henzel (Bala Cynwyd)
    273 Montgomery Ave. Suite 202, Law Offices of Marc S. Henzel (Bala Cynwyd), PA 19004
    610.660.8000 610.660.8080 · securitiesfraud@comcast.net
  8. Lockridge, Grindal, Nauen P.L.L.P.
    Suite 301, 660 Pennsylvania Avenue Southeast, Lockridge, Grindal, Nauen P.L.L.P., DC 20003-4335
    202.544.9840 202.544.9850 ·
  9. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
  10. 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
  11. Spector Roseman & Kodroff (San Diego)
    1818 Market Street, Suite 2500, Spector Roseman & Kodroff (San Diego), PA 19103
    215.496.0300 215.496.6611 ·
  12. Vianale & Vianale LLP (former Boca Raton)
    The Plaza - Suite 801, 5355 Town Center Road., Vianale & Vianale LLP (former Boca Raton), FL 33486
    561.391.4900 561.368.9274 · info@vianalelaw.com
  13. 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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No Document Title Filing Date