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Case Status:    SETTLED
On or around 09/14/2004 (Date of order of final judgment)

Filing Date: September 20, 2002

The original complaints allege violations of Section 10(b) and 20(a) and Rule 10b-5 of the Securities Exchange Act of 1934. Specifically, plaintiffs allege that the Company violated federal securities laws by: (1) failing to fully and timely disclose purported problems with the Company's "alliance" with Hewlett-Packard along with the effect of such problems on the Company's business prospects, and (2) overstating the Company's receivables during the class period. For relief, plaintiffs seek compensatory damages and/or rescission from the Company as well as an award of the costs and disbursements of the suit.

According to the Company’s FORM 10-Q for the quarterly period ended April 30, 2003, the allegations of two complaints are identical, and the actions were consolidated. On May 28, 2003, plaintiffs in the consolidated action filed an Amended Consolidated Class Action Complaint. The consolidated action, as amended, is purportedly brought on behalf of all public investors who purchased our common stock from December 9, 1999 to June 25, 2001. The amended complaint alleges violations of Section 10(b) and 20(a) and Rule 10b-5 of the Securities Exchange Act of 1934. The amended complaint includes allegations that, during the period from December 9, 1999 to June 25, 2001, we falsely and recklessly overstated revenues in violation of generally accepted accounting principles. We believe that the allegations stated in the amended complaint are without merit, Nevertheless, due to the uncertainties of the litigation process and the continued business distractions, which have and would likely continue, we have reached a tentative settlement agreement with the class plaintiffs by executing a memorandum of understanding (“MOU”) on December 16, 2003. On September 10, 2004, the Court signed the Final Order of Settlement granting final approval of settlement.

By the Notice of Proposed Settlement, the settlement was in the amount of $2,700,000 in cash.

COMPANY INFORMATION:

Sector: Technology
Industry: Computer Storage Devices
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: PRCM
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 #: 02-CV-7613
JUDGE: Hon. John G. Koeltl
DATE FILED: 09/20/2002
CLASS PERIOD START: 12/09/1999
CLASS PERIOD END: 09/20/2000
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Glancy Binkow & GoldBerg LLP
    1925 Century Park East, Suite 2100, Glancy Binkow & GoldBerg LLP, CA 90067
    310-201-9150 · info@glancylaw.com
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 02-CV-7613
JUDGE: Hon. John G. Koeltl
DATE FILED: 05/28/2003
CLASS PERIOD START: 12/09/1999
CLASS PERIOD END: 06/25/2001
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Glancy Binkow & GoldBerg LLP
    1925 Century Park East, Suite 2100, Glancy Binkow & GoldBerg LLP, CA 90067
    310-201-9150 · info@glancylaw.com
  2. Kirby McInerney & Squire LLP
    830 Third Avenue 10th Floor, Kirby McInerney & Squire LLP, NY 10022
    212.317.2300 ·
  3. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
No Document Title Filing Date