Case Page

 

Case Status:    DISMISSED    
On or around 12/20/2005 (Date of order of final judgment)

Filing Date: September 04, 2003

According to the Company’s FORM 10-Q for the quarterly period ended December 31, 2005, for the past two years, Emerson has been defending a consolidated putative class action captioned In Re Emerson Radio Corp. Securities Litigation, 03cv4201 (JLL) (the "Consolidated Action") filed in the United States District Court for the District of New Jersey. The class action complaint asserted claims against Emerson certain Individual Defendants on behalf of purchasers of Emerson's publicly traded securities between January 29, 2003 and August 12, 2003 (the "Class Period"). By a December 19, 2005 Opinion and Order, the Court granted the defendants' motion to dismiss the complaint without prejudice and granted the plaintiffs leave to amend their pleading consistent with the rulings in the Court's Opinion and Order.

The first complaint against Emerson Radio Corporation was filed on September 4, 2003, case number 03-CV-4202. On December 17, 2003, the Court entered the Stipulation and Order consolidating the several cases into lead case number 03-CV-4201, and appointing lead plaintiffs and lead counsel.

The original action charges that defendants violated federal securities laws by issuing a series of materially false and misleading statements to the market throughout the Class Period which statements had the effect of artificially inflating the market price of the Company's securities. Specifically, the complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and rule 10b-5 promulgated thereunder, by issuing false and misleading statements concerning the Company's business. Specifically, the complaint alleges that defendants issued numerous statements concerning Emerson's growth and demand for the Company's products. Specifically these statements were false and misleading when made as they misrepresented and omitted the following adverse facts: that Emerson's customers were deferring and foregoing purchases of product and reducing inventory levels as they shifted to just-in-time stocking, that since at least March of 2003, the outbreak of severe acute respiratory syndrome in Asia was dramatically reducing Emerson's product demand and supply, that Emerson was planning to discontinue and did, several popular brands. On August 12, 2003, Emerson shocked the investing public when it released its financial and operational results for the first quarter of fiscal 2004, ended June 30, 2003, announcing, among others, a 44.3% revenue decline in its consumer electronics segment. In response to the announcement, shares of Emerson stock fell more than 49% on heavy trading volume.

COMPANY INFORMATION:

Sector: Consumer Cyclical
Industry: Audio & Video Equipment
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: MSN
Company Market: American 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: D. New Jersey
DOCKET #: 03-CV-4202
JUDGE: Hon. Jose L. Linares
DATE FILED: 09/04/2003
CLASS PERIOD START: 01/29/2003
CLASS PERIOD END: 08/12/2003
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bernstein Liebhard & Lifshitz, LLP (New York)
    10 E. 40th Street, 22nd Floor, Bernstein Liebhard & Lifshitz, LLP (New York), NY 10016
    800.217.1522 · info@bernlieb.com
  2. Glancy Binkow & GoldBerg LLP
    1925 Century Park East, Suite 2100, Glancy Binkow & GoldBerg LLP, CA 90067
    310-201-9150 · info@glancylaw.com
  3. Goodkind Labaton Rudoff & Sucharow LLP
    100 Park Avenue, Goodkind Labaton Rudoff & Sucharow LLP, NY 10017
    212.907.0700 212.818.0477 · info@glrslaw.com
  4. Lasky & Rifkind, Ltd.
    100 Park Avenue, Lasky & Rifkind, Ltd., NY 10017
    212.907.0800 212.684.6083 ·
  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. Law Offices of Marc S. Henzel (Lawrence)
    335 Central Avenue, Law Offices of Marc S. Henzel (Lawrence), NY 11559
    516.374.0707 516.295.3473 · securitiesfraud@comcast.net
  7. Lite, DePalma, Greenberg & Rivas, LLC (Newark)
    Two Gateway Center, 12th Floor, Lite, DePalma, Greenberg & Rivas, LLC (Newark), NJ 07102-5003
    973.623.3000 ·
  8. 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 ·
  9. Murray, Frank & Sailer LLP (Milwaukee)
    3181 South 27th Street, Murray, Frank & Sailer LLP (Milwaukee), WI 53215
    866.264.3995 414.482.8001 · info@murrayfrank.com
  10. Wolf Haldenstein Adler Freeman & Herz LLP (New York)
    270 Madison Avenue, Wolf Haldenstein Adler Freeman & Herz LLP (New York), NY 10016
    212.545.4600 212.686.0114 · newyork@whafh.com
No Document Title Filing Date
COURT: D. New Jersey
DOCKET #: 03-CV-4201
JUDGE: Hon. Jose L. Linares
DATE FILED: 03/29/2004
CLASS PERIOD START: 01/29/2003
CLASS PERIOD END: 08/12/2003
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Epstein, Fitzsimmons, Brown, Gioia, Jacobs & Sprouls, P.C.
    245 Green Village Road; P.O. Box 901, Epstein, Fitzsimmons, Brown, Gioia, Jacobs & Sprouls, P.C., NJ 07928-0901
    973.593.4900 973.593-0179 ·
  2. Lite DePalma Greenberg, LLC (Newark)
    Two Gateway Center - 12th Floor, Lite DePalma Greenberg, LLC (Newark), NJ 07102-5003
    973.623.3000 ·
  3. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
  4. Wolf Haldenstein Adler Freeman & Herz LLP (New York)
    270 Madison Avenue, Wolf Haldenstein Adler Freeman & Herz LLP (New York), NY 10016
    212.545.4600 212.686.0114 · newyork@whafh.com
No Document Title Filing Date
No Document Title Filing Date