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Case Status:    DISMISSED    
On or around 07/20/2004 (Date of order of final judgment)

Filing Date: October 07, 2003

According to the latest docket posted, on July 20, 2004, the Court entered the Order signed by U.S. District Judge Donald M. Middlebrooks, granting the motion dismiss the second amended complaint. The Plaintiffs' second amended complaint was dismissed with prejudice. That day, the Court also entered the Order of Closure and the case was closed.

As reported by the Company’s FORM 10-Q for the quarterly period ended March 31, 2004, in October 2003, SportsLine.com, the Company’s chief executive officer and its former chief financial officer were named as defendants in several securities class action lawsuits filed in the United States District Court for the Southern District of Florida alleging violations of the Securities Exchange Act of 1934, as amended. On November 20, 2003, the Court consolidated the lawsuits into a single action entitled In re SportsLine.com Securities Litigation, Master File No. 03-61849-CIV-MIDDLEBROOKS, and subsequently appointed lead plaintiffs and lead plaintiffs’ counsel. On or about February 26, 2004, lead plaintiffs filed a second amended consolidated class action complaint, which superseded the earlier complaints. The complaint purports to state claims against the Company on behalf of all persons who purchased the Company’s common stock between January 30, 2001 and September 25, 2003; and seeks money damages in unspecified amounts and litigation expenses including attorneys’ and experts’ fees. The essence of the allegations in the complaint is that the Company intentionally or recklessly made false or misleading statements in its previously issued consolidated financial statements which were subsequently restated due primarily to the Company’s failure to properly recognize non-cash compensation expense relating to certain option grants. The plaintiffs contend that such statements or omissions caused the Company’s stock price to be artificially inflated. On March 29, 2004, the Company filed a motion to dismiss this action which has not yet been decided.

The original 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 a series of material misrepresentations to the market between May 15, 2001 and September 25, 2003, thereby artificially inflating the price of SportsLine's publicly traded securities. The Complaint alleges the statements were materially false and misleading because they failed to disclose and/or misrepresented the following adverse facts, among others: (i) that the Company's MVP.com store was failing to make a profit; (ii) that the Company's core strategy of generating revenue through its advertising base and capitalizing on its strategic relationship with CBS was a failure; (iii) that increased competition was preventing the Company's fantasy sports business from developing into a reliable revenue source; (iv) that the Company was hiding expenses and improperly classifying its discontinued operations in order to post a positive EBITDA; and (v) that as a result, the value of the Company's net income and financial results were materially overstated at all relevant times.

The Complaint further alleges that on September 26, 2003, the Company announced its intention to amend its previously issued historical financial statements from 2001, 2002, and 2003 to correct an error in the way the Company had previously accounted for certain employee stock option grants. The Company's announced restatement would increase net loss for 2001 by approximately $5.0 million from $61.1 million to approximately $66.1 million, for 2002 by approximately $2.3 million from $48.2 million to approximately $50.5 million and for the first six months of 2003 by approximately $700,000 from $22.2 million to approximately $22.9 million. Moreover, the Company reported that a re-audit of its 2001 financial statements was required due to the reclassification of its gaming information operations as discontinued operations in prior period financial statements. The Company's announcement shocked the market, causing shares of SportsLine to fall $0.54 per share, or more than 30.5%, to close at $1.22 per share on September 26, 2003.

COMPANY INFORMATION:

Sector: Technology
Industry: Computer Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: SPLN
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. Florida
DOCKET #: 03-CV-61849
JUDGE: Hon. Donald M. Middlebrooks
DATE FILED: 10/07/2003
CLASS PERIOD START: 05/15/2001
CLASS PERIOD END: 09/25/2003
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bernard M. Gross
    1500 Walnut Street, Suite 600, Bernard M. Gross, PA 19102
    215.561.3600 215.561.3000 · bmgross@BernardMGross.com
  2. Brodsky & Smith, LLC (former Pennysylvania)
    11 Bala Avenue, Suite 39, Brodsky & Smith, LLC (former Pennysylvania), PA 19004
    610.668.7987 610.660.0450 · esmith@Brodsky-Smith.com
  3. Cauley Geller, Bowman Coates & Rudman, LLP (Boca Raton, FL)
    One Boca Place. 2255 Glades Road, Suite 421A, Cauley Geller, Bowman Coates & Rudman, LLP (Boca Raton, FL), FL 33431
    561.750.3000 561.750.3364 ·
  4. Federman & Sherwood (Oklahoma City)
    120 North Robinson, Suite 2720, Federman & Sherwood (Oklahoma City), OK 73102
    405-235-1560 · wfederman@aol.com
  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. Mager White & Goldstein, LLP
    2825 University Drive, Suite 350, Mager White & Goldstein, LLP, FL 33065
    954.341.0844 954.341.0855 · info@mwglawfirm.com
  7. Milberg Weiss Bershad Hynes & Lerach LLP (Boca Raton)
    The Plaza, Suite 900, 5355 Town Center Road, Milberg Weiss Bershad Hynes & Lerach LLP (Boca Raton), FL 33486
    561.361.5000 ·
  8. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
  9. The Emerson Firm
    2228 Cottondale Avenue, Suite 100, The Emerson Firm, AR 72202
    800.663.9817 501.907.2556 · epllp@emersonpoynter.com
  10. Vianale & Vianale LLP (former Boca Raton)
    The Plaza - Suite 801, 5355 Town Center Road., Vianale & Vianale LLP (former Boca Raton), FL 33486
    561.391.4900 561.368.9274 · info@vianalelaw.com
No Document Title Filing Date
COURT: S.D. Florida
DOCKET #: 03-CV-61849
JUDGE: Hon. Donald M. Middlebrooks
DATE FILED: 02/17/2004
CLASS PERIOD START: 01/30/2001
CLASS PERIOD END: 09/25/2003
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bernard M. Gross
    1500 Walnut Street, Suite 600, Bernard M. Gross, PA 19102
    215.561.3600 215.561.3000 · bmgross@BernardMGross.com
  2. Brodsky & Smith, LLC (former Pennysylvania)
    11 Bala Avenue, Suite 39, Brodsky & Smith, LLC (former Pennysylvania), PA 19004
    610.668.7987 610.660.0450 · esmith@Brodsky-Smith.com
  3. Lerach Coughlin Stoia Geller Rudman & Robbins LLP (Boca Raton)
    197 South Federal Highway, Suite 200, Lerach Coughlin Stoia Geller Rudman & Robbins LLP (Boca Raton), FL 33432
    561.750.3000 56.750.3364 · info@lerachlaw.com
  4. Milberg Weiss Bershad & Schulman LLP (Boca Raton)
    5355 Town Center Road, Suite 900, Milberg Weiss Bershad & Schulman LLP (Boca Raton), FL 33486
    561.361.5000 561.367.8400 · info@milbergweiss.com
  5. Milberg Weiss Bershad Hynes & Lerach LLP (Boca Raton)
    The Plaza, Suite 900, 5355 Town Center Road, Milberg Weiss Bershad Hynes & Lerach LLP (Boca Raton), FL 33486
    561.361.5000 ·
  6. The Emerson Firm
    2228 Cottondale Avenue, Suite 100, The Emerson Firm, AR 72202
    800.663.9817 501.907.2556 · epllp@emersonpoynter.com
  7. Vianale & Vianale LLP (former Boca Raton)
    The Plaza - Suite 801, 5355 Town Center Road., Vianale & Vianale LLP (former Boca Raton), FL 33486
    561.391.4900 561.368.9274 · info@vianalelaw.com
No Document Title Filing Date
No Document Title Filing Date