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Case Status:    DISMISSED    
On or around 07/29/2005 (Date of order of final judgment)

Filing Date: February 05, 2003

According to a press release dated August 29, 2005, Cosi said a federal court had dismissed class-action claims by shareholders who participated in Cosi's initial public stock offering in November 2002.

The Complaint alleges that defendants violated Section 11 of the Securities Act of 1933 by issuing a false and misleading Registration Statement and Prospectus in connection with Cosi's initial public offering ("IPO") on November 21, 2002 of 5.5 million shares at $7 per share. The Prospectus misrepresented that the proceeds of the offering were sufficient to fund the Company's fast growth business plan for at
least two years, allowing Cosi to open between 53 and 59 new company-owned specialty sandwich shops in 2003. On February 3, 2003, just ten weeks after the IPO, Cosi shocked the market by announcing the immediate resignation of CEO and co-founder Andy Stenzler, that Cosi would lay off personnel, and that it would open only 10 new stores in 2003. In addition, the Company stated that it would immediately reverse its company-owned stores business model to one involving turning the business over to franchisees. The Complaint alleges that, at the time of
the IPO, Cosi's business plan had already failed, and that the proceeds raised in the offering were less than were needed to fund even the Company's short term needs. In reaction to this unexpected bad news, Cosi shares fell significantly, closing at $2.80 per share on February 4, 2003, down $1.67 or almost 40%.

The Complaint further alleges that the defendants failed to exercise reasonable due diligence to ensure that the Prospectus disclosed all material facts The defendants named in the Complaint are Cosi, Inc., former CEO Andy Stenzler, and the members of Cosi's Board of Directors who signed the Registration Statement for Cosi's November 21, 2002 IPO. Also named as a defendant is the lead underwriter for the IPO, William Blair & Co., LLC.

COMPANY INFORMATION:

Sector: Services
Industry: Restaurants
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: COSI
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 #: 03-CV-0812
JUDGE: Hon. John G. Koeltl
DATE FILED: 02/05/2003
CLASS PERIOD START: 11/21/2002
CLASS PERIOD END: 02/03/2003
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abbey Gardy, LLP (New York)
    212 East 39th Street, Abbey Gardy, LLP (New York), NY 10016
    212.889.3700 · info@abbeygardy.com
  2. Barrack, Rodos & Bacine (San Diego - former)
    402 West Broadway , Barrack, Rodos & Bacine (San Diego - former), CA 92101
    619.230.0800 619.230.1874 · info@barrack.com
  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 & Rudman, LLP (New York)
    200 Broadhollow, Suite 406, Cauley Geller Bowman Coates & Rudman, LLP (New York), NY 11747
    631.367.7100 631.367.1173 ·
  5. Faruqi & Faruqi LLP (New York) (former)
    320 East 39th Street, Faruqi & Faruqi LLP (New York) (former), NY 10016
    212.983.9330 212.983.9331 · Nfaruqi@faruqilaw.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. Paskowitz & Associates
    60 East 42nd Street, 46th Floor, Paskowitz & Associates, NY 10165
    212.685.0969 212.685.2306 · classattorney@aol.com
  8. 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
  9. Wolf Popper, LLP
    845 Third Avenue, Wolf Popper, LLP, NY 10022-6689
    877.370.7703 212.486.2093 · IRRep@wolfpopper.com
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 03-CV-0812
JUDGE: Hon. John G. Koeltl
DATE FILED: 09/10/2004
CLASS PERIOD START: 11/21/2002
CLASS PERIOD END: 02/03/2003
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abbey Gardy, LLP (New York)
    212 East 39th Street, Abbey Gardy, LLP (New York), NY 10016
    212.889.3700 · info@abbeygardy.com
  2. Bibicheff & Associates
    2259 65th Street , Bibicheff & Associates, NY 11204
    212.889.3700 212.684-5191 ·
  3. Goldman Gruder & Wood
    200 Connecticut Avenue, Goldman Gruder & Wood, CT 06854
    212-907-0881 212-883-7081 ·
No Document Title Filing Date
No Document Title Filing Date