Case Page

 

Case Status:    DISMISSED    
On or around 06/30/2005 (Date of order of final judgment)

Filing Date: July 24, 2003

According to the Company’s Form 10-K for the fiscal year ended May 1, 2005,
on January 21, 2004, the Company filed a motion to dismiss the class action suit, which the District Court granted in part and denied in part on September 27, 2004. On February 23, 2005, the shareholder plaintiffs in the class action filed a motion to certify a class of certain Pennexx shareholders. On June 29, 2005, the District Court dismissed the class action without prejudice for lack of prosecution. The District Court took this action following the withdrawal of the lead plaintiff and the failure of any other putative class member to step forward as lead plaintiff. The Company intends to defend any appeal of the dismissal of the class action vigorously.

Also in the same Form 10-K, on December 5, 2003, Pennexx filed a cross-claim in the class action against the Company and the Company’s officers who formerly served as directors of Pennexx. The cross-claim alleged, among other things, fraud, breach of fiduciary duty and tortious interference with contractual relations, and sought damages in excess of $226 million. On October 15, 2004, the Company filed a motion to dismiss Pennexx’s cross-claim, which the District Court granted in full on May 16, 2005. On June 2, 2005, Pennexx filed a Notice of Appeal of the District Court’s dismissal of the cross-claim to the U.S. Court of Appeals for the Third Circuit. On January 17, 2007 the USCA affirmed the lower court's decision to dismiss the case.

The original complaint alleges violations of federal securities laws and state common law and seeks unspecified compensatory damages in connection with the Company's foreclosure on Pennexx's assets.

COMPANY INFORMATION:

Sector: Consumer Non-Cyclical
Industry: Fish/Livestock
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: PNNX
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: E.D. Pennsylvania
DOCKET #: 03-CV-4318
JUDGE: Hon. John R. Padova
DATE FILED: 07/24/2003
CLASS PERIOD START: 02/08/2002
CLASS PERIOD END: 06/12/2003
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Chimicles & Tikellis LLP (Haverford)
    361 West Lancaster Avenue, Chimicles & Tikellis LLP (Haverford), PA 19041
    888.805.7848 610.649.3633 · mail@chimicles.com
No Document Title Filing Date
COURT: E.D. Pennsylvania
DOCKET #: 03-CV-4318
JUDGE: Hon. John R. Padova
DATE FILED: 12/22/2003
CLASS PERIOD START: 02/08/2002
CLASS PERIOD END: 06/12/2003
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Chimicles & Tikellis LLP (Haverford)
    361 West Lancaster Avenue, Chimicles & Tikellis LLP (Haverford), PA 19041
    888.805.7848 610.649.3633 · mail@chimicles.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. Glancy Binkow & Goldberg LLP (Los Angeles)
    1801 Ave. of the Stars, Suite 311, Glancy Binkow & Goldberg LLP (Los Angeles), CA 90067
    310.201.915 310. 201-916 · info@glancylaw.com
No Document Title Filing Date