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Case Status:    SETTLED
On or around 05/06/2005 (Date of order of final judgment)

Filing Date: July 07, 2003

According to the docket, on December 2, 2004, a Stipulation of Settlmenet was filed, and on May 6, 2005, the Court entered the Order and Final Judgment by U.S. District Judge Ronald M. Whyte. Further, the Court entered the Orders approving the plan of allocation and awarding the motion for attorney fees and reimbursement of expenses.

Earlier, on September 22, 2004, the Court entered the Order granting the motion to dismiss the amended complaint. On October 12, 2004, the Court entered the Letter from the Lead Counsel to Judge Whyte regarding an Agreement in Principle to Settle the Matter.

The original complaint charges certain of Read-Rite's officers and directors with violations of the Securities Exchange Act of 1934. The complaint alleges that during the Class Period defendants issued a
series of false and misleading statements about the Company, and as a result Read-Rite's stock traded at inflated prices during the Class Period, increasing to as high as $39 on January 9, 2002, before the Company announced it would file for bankruptcy. The true facts which were known to each of the defendants, but
concealed from the investing public during the Class Period, were as follows: (a) The Company's 40 GB/platter inventory was overstated by $16.7 million; (b) The Company's Philippine real estate holdings were overstated by approximately $6.8 million; (c) The Company needed to restructure its operations and the associated charges would cost the Company in excess of $20 million and would cause an earnings shortfall in coming quarters; (d) The Company's Q2 FY03 loss was grossly
understated; (e) The Company was experiencing massive technical problems associated with its 40GB/per platter programs. Moreover, the Company was experiencing these problems well before January 2002 and beyond April 2002 when defendants claimed such problems were fixed; and (f) The Company was underfunded and could not complete the production of its 80GB programs.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: RDRT
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: N.D. California
DOCKET #: 03-CV-03148
JUDGE: Hon. Martin J. Jenkins
DATE FILED: 07/07/2003
CLASS PERIOD START: 10/30/2001
CLASS PERIOD END: 06/06/2003
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bull & Lifshitz
    18 East 41st St., Bull & Lifshitz, NY 10017
    212.213.6222 212.213.9405 ·
  2. 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 ·
  3. Glancy Binkow & GoldBerg LLP
    1925 Century Park East, Suite 2100, Glancy Binkow & GoldBerg LLP, CA 90067
    310-201-9150 · info@glancylaw.com
  4. Kirby McInerney & Squire LLP
    830 Third Avenue 10th Floor, Kirby McInerney & Squire LLP, NY 10022
    212.317.2300 ·
  5. 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
  6. Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY)
    One Pennsylvania Plaza, Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY), NY 10119-1065
    212.594.5300 ·
  7. Stull, Stull & Brody (Los Angeles)
    10940 Wilshire Boulevard - Suite 2300, Stull, Stull & Brody (Los Angeles), CA 90024
    310.209.2468 ·
  8. Weiss & Yourman (Los Angeles, CA)
    10940 Wilshire Blvd - 24th Floor, Weiss & Yourman (Los Angeles, CA), CA 90024
    310.208.2800 310.209.2348 · info@wyca.com
No Document Title Filing Date
COURT: N.D. California
DOCKET #: 03-CV-03148
JUDGE: Hon. Martin J. Jenkins
DATE FILED: 03/17/2004
CLASS PERIOD START: 10/30/2001
CLASS PERIOD END: 06/17/2003
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Glancy Binkow & Goldberg LLP (SF)
    455 Market Street, Suite 1810, Glancy Binkow & Goldberg LLP (SF), CA 94105
    415.972.81 415.972-816 · info@glancylaw.com
  2. 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
  3. Wechsler Harwood LLP
    488 Madison Avenue 8th Floor, Wechsler Harwood LLP, NY 10022
    212.935.7400 · info@whhf.com
No Document Title Filing Date
No Document Title Filing Date