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Case Status:    SETTLED
On or around 07/31/2003 (Date of order of final judgment)

Filing Date: July 08, 1999

Pursuant to the Order entered on May 1, 2002, the Court certified the class and approved the Settlement Agreement. The Court further entered the Final Judgment dismissing the action with prejudice.

According to the Company’s Form 10-Q for the quarterly period ended September 30, 2001, on May 8, 2000, the court entered an order appointing the Connecticut Retirement Plan and Trust Funds as lead plaintiff and appointing the law firm of Goodkind Labaton Rudoff & Suchrow LLP as lead plaintiff's counsel.

The lead plaintiff filed its Amended Consolidated Class Action Complaint on July 14, 2000. Defendants filed a motion to dismiss on October 3, 2000. On August 16, 2001, the court granted the motion in part and denied it in part, allowing the plaintiff to replead its claims. On November 7, 2001, the Company announced that it had reached a settlement agreement with the plaintiff, resolving all claims brought in the action against the Company as well as claims against current and former officers and directors of the Company. Under the settlement agreement, which is subject to additional confirmatory discovery by the plaintiff and approval by the court, the Company will consent to the certification of a class for settlement purposes consisting of certain purchasers or acquirers of Company securities during the period from June 11, 1998 through November 9, 1999. If the settlement is approved, the Company will pay $457 to the members of the class and will present and recommend approval to its shareholders, at or before the 2003 annual meeting of shareholders, a binding resolution to declassify the Board of Directors and to require that all directors are elected annually. In anticipation of the settlement agreement, the Company recorded a charge to asset impairments and unusual items of $389 in the third quarter 2001.

The original complaint alleges that during the Class Period, certain officers and directors of WMI issued false statements which caused the price of Waste Management common stock to trade at artificially inflated prices. Further, the lawsuit alleges that many senior officers and/or directors of WMI sold 899,797 shares of their stock for over 49.8 million dollars before the revelations of July 6, 1999 occurred and Waste Management stock collapsed. After these sales were made, however, WMI issued a press release revealing that sales in the June/99 revenues would be $250,000,000 below forecast and the growth in future quarters would be much lower than previously forecast.

COMPANY INFORMATION:

Sector: Services
Industry: Waste Management Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: WMI
Company Market: New York SE
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. Texas
DOCKET #: 99-CV-02183
JUDGE: Hon. Melinda Harmon
DATE FILED: 07/08/1999
CLASS PERIOD START: 03/31/1999
CLASS PERIOD END: 07/06/1999
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Donovan Searles, LLC
    1845 Walnut Street, Suite 1100, Donovan Searles, LLC , PA 19103
    215-732-6067 215-732-8060 · staff@donovansearles.com
  2. Law Offices of Steven E. Cauley, P.A. (Little Rock)
    Suite 210, Cypress Plaza. 2200 N. Rodney Parham Road, Law Offices of Steven E. Cauley, P.A. (Little Rock), AR 72212
    501.312.8500 501.312.8505 · cauleypa@aol.com
  3. Milberg Weiss Bershad Hynes & Lerach LLP (San Diego, CA)
    600 West Broadway, 1800 One America Plaza, Milberg Weiss Bershad Hynes & Lerach LLP (San Diego, CA), CA 92101
    800.449.4900 · support@milberg.com
  4. Whittington, von Sternberg, Emerson & Wilsher, LLP
    2600 S. Gessner, Suite 600, Whittington, von Sternberg, Emerson & Wilsher, LLP, TX 77063
    713.789.8850 · je-mlaw@worldnet.att.net
No Document Title Filing Date
COURT: S.D. Texas
DOCKET #: 99-CV-02183
JUDGE: Hon. Melinda Harmon
DATE FILED: 07/14/2000
CLASS PERIOD START: 06/11/1998
CLASS PERIOD END: 11/09/1999
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Berman DeValerio Pease Tabacco Burt & Pucillo (MA)
    One Liberty Square, Berman DeValerio Pease Tabacco Burt & Pucillo (MA), MA 2109
    617.542.8300 617.230.0903 · info@bermanesq.com
  2. Bernstein Litowitz Berger & Grossmann LLP (Former New York)
    1285 Avenue of the Americas, 33rd Floor, Bernstein Litowitz Berger & Grossmann LLP (Former New York), NY 10019
    212.554.1400 212.554.1444 · blbg@blbglaw.com
  3. Bernstein Litowitz Berger & Grossmann LLP (former San Diego)
    12544 High Bluff Drive, Suite 150, Bernstein Litowitz Berger & Grossmann LLP (former San Diego), CA 92130
    858.793.0070 858.793.0323 · blbg@blbglaw.com
  4. Goodkind Labaton Rudoff & Sucharow LLP
    100 Park Avenue, Goodkind Labaton Rudoff & Sucharow LLP, NY 10017
    212.907.0700 212.818.0477 · info@glrslaw.com
  5. Schoengold & Sporn PC (New York)
    233 Broadway 39Th Floor, Schoengold & Sporn PC (New York), NY 10279
    212.964.0046 ·
  6. Schwartz Junell Campbell & Oathout LLP
    Two Houston Center, 909 Fannin, Suite 2000, Schwartz Junell Campbell & Oathout LLP, TX 77010
    713-752-0017 713-752-0327 · dschwartz@schwartz-junell.com
No Document Title Filing Date