On October 24, 2003, the Court entered the Order signed by U.S. District Judge Jed S. Rakoff granting the motion to dismiss the consolidated amended complaint with prejudice. On November 3, 2003, the Court entered Judgment and the case was closed.
On March 10, 2003, the Court entered the Order granting the motion for an order consolidated actions 02-CV-7340, 02-CV-8445 and 02-CV-8513. On March 25, 2003, the Court entered the Order granting the motion for appointment of class members Vincent Calicchia, John Olaiz, Massan Company, Chris Witty and Joseph Studniarz as lead plaintiffs, and further granted the motion approving proposed lead plaintiffs selection of Beatie and Osborn as lead counsel. On June 5, 2003, an Amended Complaint was filed, and the defendants responded by filing a motion to dismiss the consolidated amended complaint with prejudice.
The original complaint charges Goldman Sachs & Co. and certain of its officers and directors with issuing analyst reports regarding Allied Riser that recommended the purchase of Allied Riser common stock and which set price targets for Allied Riser common stock, without any reasonable factual basis. The complaint further alleges that, when issuing its Allied Riser analyst reports Defendants failed to disclose significant, material conflicts of interest which it had, in light of Defendants' Allied Riser reports, to obtain investment banking business for Goldman. Furthermore, in issuing Allied Riser reports, in which it recommended the purchase of Allied Riser common stock, Defendants failed to disclose material, non-public, adverse information which they possessed about Allied Riser. Throughout the Class Period, Defendants maintained a "BUY" recommendation on Allied Riser in order to obtain and support lucrative financial deals for Allied Riser.