Case Page

 

Case Status:    DISMISSED    
On or around 12/05/2007 (Date of order of final judgment)

Filing Date: May 19, 2003

According to an article dated January 15, 2008, on December 4, 2007, the U.S. District Court for the Southern District of New York dismissed a securities fraud class action against a financial advisor, finding that the complaint failed to plead loss causation. … The district court dismissed the claims against Goldman.

On December 17, 2003, the Court entered the Order granting the motion to consolidate the cases, and on January 31, 2004, a Consolidated Amended Class Action Complaint was filed. On March 15, 2004, the defendants filed a motion to dismiss, and on April 20, 2006, the complaint was dismissed with leave to re-plead. On May 17, 2006, a Second Amended Consolidated Class Action Complaint was filed, and the defendants responded by filing a motion to dismiss the Second Amended Consolidated Class Action Complaint with prejudice.

The lawsuit charges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by issuing false and misleading analyst reports on Exodus, a provider of internet system and network management solutions, in a bid to win or maintain lucrative banking and advisory work from the Company. As a result of defendants' false and misleading statements, the market price of Exodus common stock was artificially inflated, maintained or stabilized during the Class Period. On or about April 28, 2003, the United States Securities and Exchange Commission ("SEC") issued a complaint charging Lehman with violating numerous rules of conduct of the National Association of Securities Dealers, Inc. ("NASD") and the New York Stock Exchange, Inc. ("NYSE"),
by issuing false and misleading analyst reports on numerous companies, including RealNetworks. The complaint describes the influence and control exerted by Goldman Sachs' investment bankers on its supposedly independent research analysts, and details how positive ratings and research reports on Exodus issued by defendants to the public were contrary to defendants' more negative assessments of the Company's true value and prospects.

COMPANY INFORMATION:

Sector: Services
Industry: Communications Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: EXDS
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-3548
JUDGE: Hon. John G. Koeltl
DATE FILED: 05/19/2003
CLASS PERIOD START: 07/01/1999
CLASS PERIOD END: 06/30/2001
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Berger & Montague PC
    1622 Locust Street, Berger & Montague PC, PA 19103
    800.424.6690 215.875.4604 · investorprotect@bm.net
  2. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 03-CV-3548
JUDGE: Hon. John G. Koeltl
DATE FILED: 05/17/2006
CLASS PERIOD START: 07/01/1999
CLASS PERIOD END: 06/30/2001
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Murray, Frank & Sailer LLP
    275 Madison Ave 34th Flr, Murray, Frank & Sailer LLP, NY 10016
    212.682.1818 212.682.1892 · email@murrayfrank.com
  2. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date