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Case Status:    SETTLED
On or around 11/30/2005 (Date of order of final judgment)

Filing Date: November 12, 2003

According to a press release dated January 11, 2006, Aerosonic Corporation, a provider of precision flight products for commercial, business and military aircraft, announced today the final disposition of the Company's class action litigation and derivative litigation. These suits were settled earlier in 2005, and were approved by the United States District Court and the Thirteenth Judicial Circuit Court of Hillsborough County, Florida, respectively, in November 2005, subject to possible objection and appellate review, if any, before the end of December 2005. There were no timely objections raised or appeals filed in connection with the settlements of the suits.

In a press release dated September 9, 2005, a hearing will be held on November 18, 2005 at 1:30 p.m. in Courtroom 14A, Sam M. Gibbons U.S. Courthouse, 801 North Florida Avenue, Tampa, FL 33602 to determine: (1) whether to certify the above-captioned action ("Action") as a class action and appoint Class Representatives and their counsel to represent Class Members; (2) whether the proposed settlement (the "Settlement") of the above-captioned action ("Action") for $5,350,000 in cash plus accrued interest (the "Settlement Fund") should be approved by the Court as fair, reasonable, and adequate; (3) whether to approve a plan to allocate the available Settlement Fund among Class Members who submit timely and valid claims; (4) whether the motion of Lead Plaintiffs' Counsel for an award of attorneys' fees and reimbursement of costs and expenses and for an award to Lead Plaintiffs for costs and expenses should be approved; and (5) whether the Action should be dismissed with prejudice and claims, including claims asserted in this Action, derivative claims, and other claims, should be released and barred, as to and between all of the defendants and related persons and entities.

In a press release dated April 5, 2005, Aerosonic Corporation announced that it and the other parties to the Aerosonic Corporation Securities Litigation filed a Notice of Settlement with the court on April 1, 2005, confirming that all parties had executed a Memorandum of Understanding ("MOU") to settle its pending class action litigation. The MOU defines a total settlement of $5.35 million, of which Aerosonic will pay $800,000. This settlement is contingent upon preliminary and final court approval and could be voided if opt-outs exceed a certain agreed-upon threshold.

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 a series of material misrepresentations to the market between May 3, 1999 and March 17, 2003, thereby artificially inflating the price of Aerosonic common stock. The Complaint alleges that, throughout the Class Period, defendants issued numerous statements and filed quarterly and annual reports with the SEC which described the Company's financial performance. As alleged in the complaint, these statements were materially false and misleading because they failed to disclose and/or misrepresented the following adverse facts, among others: (i) that the Company had materially falsified its inventory records and improperly recognized revenues; (ii) that the Company's financial returns were in violation of Generally Accepted Accounting Procedures ('GAAP'); (iii) that the Company lacked adequate internal controls and was therefore unable to ascertain the true financial condition of the Company; and (iv) that as a result, the value of the Company's net income and financial results was materially overstated at all relevant times.

Further, the Complaint alleges that on March 17, 2003, Aerosonic announced that it had discovered what appeared to be certain discrepancies which pertain to previously reported financial information concerning inventory accounting and revenue recognition. The market reacted swiftly to this news, with the Company's stock falling 24%, or $3.32 per share from a high of $13.32 per share on March 17, 2003 to close at $10.10 per share on March 18, 2003.


Sector: Capital Goods
Industry: Aerospace & Defense
Headquarters: United States


Ticker Symbol: AIM
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: M.D. Florida
DOCKET #: 03-CV-02373
JUDGE: Hon. Susan C. Bucklew
DATE FILED: 11/12/2003
CLASS PERIOD END: 03/17/2003
  1. Brodsky & Smith, LLC (former Pennysylvania)
    11 Bala Avenue, Suite 39, Brodsky & Smith, LLC (former Pennysylvania), PA 19004
    610.668.7987 610.660.0450 ·
  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. 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. Goodkind Labaton Rudoff & Sucharow LLP
    100 Park Avenue, Goodkind Labaton Rudoff & Sucharow LLP, NY 10017
    212.907.0700 212.818.0477 ·
  5. Kirby McInerney & Squire LLP
    830 Third Avenue 10th Floor, Kirby McInerney & Squire LLP, NY 10022
    212.317.2300 ·
  6. 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 ·
  7. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 ·
No Document Title Filing Date
COURT: M.D. Florida
DOCKET #: 03-CV-02373
JUDGE: Hon. Susan C. Bucklew
DATE FILED: 04/27/2004
CLASS PERIOD END: 03/17/2003
  1. Berger & Montague PC
    1622 Locust Street, Berger & Montague PC, PA 19103
    800.424.6690 215.875.4604 ·
No Document Title Filing Date
No Document Title Filing Date