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Case Status:    DISMISSED    
On or around 06/19/2003 (Other)

Filing Date: May 23, 2003

On June 19, 2003, the Court entered a Stipulation and Order of dismissal signed by U.S. District Judge Harold Baer Jr. According to the Order, the action is dismissed without prejudice and without costs to any party, in light of the determination by plaintiffs that there are currently similar class actions pending.

According to a Press Release dated May 23, 2003, 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 NewPower, an energy company, without disclosing that CSFB held a 7.9% proprietary interest in NWP and, at times, that Launer and another analyst owned stock in NewPower. As a result of defendants' false and misleading statements, the market price of NewPower 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 CSFB 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 NewPower. The SEC's complaint describes the influence and
control exerted by CSFB's investment bankers on its supposedly independent research analysts, and details how positive ratings and research reports on NewPower issued by defendants to the public were influenced by defendants' conflict of interests in owning stock of NewPower, which were often not disclosed.


Sector: Financial
Industry: Money Center Banks
Headquarters: United States


Ticker Symbol: NPW
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. New York
DOCKET #: 03-CV-03744
JUDGE: Hon. Harold Baer
DATE FILED: 05/23/2003
CLASS PERIOD END: 12/05/2001
  1. Pomerantz LLP (New York)
No Document Title Filing Date
—Reference Complaint Complaint Related Data is not available
—Related District Court Filings Data is not available