Case Page

 

Case Status:    DISMISSED    
On or around 04/07/2004 (Other)

Filing Date: December 11, 2003

According to the Company’s FORM 10-Q for the quarterly period ended March 31, 2004, Silicon Image and certain of its officers have been named as defendants in consolidated securities class action litigation captioned “In re Silicon Image, Inc. Securities Litigation, No. C-03-5579 JW PVT”, commenced on December 11, 2003 and pending in the United States District Court for the Northern District of California. Plaintiffs filed the action on behalf of a putative class of shareholders who purchased Silicon Image stock between April 15, 2002 and November 15, 2003. The lawsuit alleges that Silicon Image had materially overstated its licensing revenue, net income and financial results during this time period, and that Silicon Image was being forced to restate its financial results. Following the announcement by the Audit Committee of Silicon Image’s Board of Directors that it has completed its examination and that it has concluded that no changes to Silicon Image’s previously announced financial results are required, the plaintiffs dismissed the lawsuit.

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 during the Class Period thereby artificially inflating the price of Silicon securities.

Specifically, the complaint alleges that Defendants made a series of false and misleading statements starting on April 15, 2002. The Complaint alleges that the press releases issued on April 15, 2002, June 13, 2002, July 23, 2002, October 15,
2002, January 15, 2003, April 15, 2003, July 22, 2003, September 30, 2003 and
October 19, 2003 were materially false and misleading. In additions, the
Complaint alleges that the Company's Form 10-Q's and Form 10-K filed with the
Securities and Exchange Commission ("SEC") on May 12, 2002, July 30, 2002,
November 8, 2002, March 27, 2003, May 8, 2003, and August 14, 2003 were
materially false and misleading. The Complaint alleges that each of these above
referenced press releases and SEC filings were materially false and misleading
because, during the Class Period defendants, had overstated Silicon's license
revenue by improperly recognizing revenue that did not satisfy revenue
recognition criteria. The Complaint also alleges that, as a result of the
improper revenue recognition, the Company's net income and earnings were
overstated and its financial statements were prepared in violation of General
Accepted Accounting Principles ("GAAP"). In addition, the Complaint alleges
that while in possession of material non public information that defendants
Lee, Gargus and Tirado sold thousands of shares of their personally held
Silicon stock. On November 14, 2003, Silicon announced that its Form 10-Q for
the quarter ended September 30, 2003 would not be timely filed because an
investigation into the Company revenue recognition practices associated with
its licensing transaction. On this news, Silicon's shares fell more than 27.7%
to close at $6.40.

COMPANY INFORMATION:

Sector: Technology
Industry: Semiconductors
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: SIMG
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-5579
JUDGE: Hon. James Ware
DATE FILED: 12/11/2003
CLASS PERIOD START: 04/15/2002
CLASS PERIOD END: 11/14/2003
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abbey Gardy, LLP (New York)
    212 East 39th Street, Abbey Gardy, LLP (New York), NY 10016
    212.889.3700 · info@abbeygardy.com
  2. Cauley Geller Bowman Coates & Rudman LLP (Little Rock, AR)
    P.O. Box 25438, Cauley Geller Bowman Coates & Rudman LLP (Little Rock, AR), AR 72221-5438
    501.312.8500 501.312.8505 ·
  3. Green & Jigarjian LLP
    235 Pine Street, 15th Floor, Green & Jigarjian LLP, CA 94104
    415.477.6700 415.477.6710 ·
  4. 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
  5. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
No Document Title Filing Date
COURT: N.D. California
DOCKET #: 03-CV-5579
JUDGE: Hon. James Ware
DATE FILED: 02/02/2004
CLASS PERIOD START: 04/15/2002
CLASS PERIOD END: 11/15/2003
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abbey Gardy, LLP (New York)
    212 East 39th Street, Abbey Gardy, LLP (New York), NY 10016
    212.889.3700 · info@abbeygardy.com
  2. Berman DeValerio Pease Tabacco Burt & Pucillo (CA)
    425 California Street, Suite 2025, Berman DeValerio Pease Tabacco Burt & Pucillo (CA), CA 94104
    415.433.3200 415.433.6382 ·
  3. Berman DeValerio Pease Tabacco Burt & Pucillo (MA)
    One Liberty Square, Berman DeValerio Pease Tabacco Burt & Pucillo (MA), MA 2109
    617.542.8300 617.230.0903 · info@bermanesq.com
  4. Glancy Binkow & GoldBerg LLP
    1925 Century Park East, Suite 2100, Glancy Binkow & GoldBerg LLP, CA 90067
    310-201-9150 · info@glancylaw.com
  5. Gold Bennett Cera & Sidener LLP
    595 Market Street, Suite 2300, Gold Bennett Cera & Sidener LLP, CA 94105-2835
    800.778.1822 415.777.5189 · info@gbcsf.com
  6. Green Welling LLP (San Francisco)
    235 Pine Street, 15th Floor, Green Welling LLP (San Francisco), CA 94104
    415.477.6700 415.477.6710 · gw@classcounsel.com
  7. Kaplan Fox & Kilsheimer, LLP (San Francisco, CA)
    100 Pine Street, 26th Floor, Kaplan Fox & Kilsheimer, LLP (San Francisco, CA), CA 94111
    415.772.4700 415.677.1233 · info@kaplanfox.com
  8. LeBlanc & Waddell, LLC
    201 St. Charles Avenue, Suite 3204, LeBlanc & Waddell, LLC, LA 70170
    504.523.9900 504.522.9300 ·
No Document Title Filing Date
No Document Title Filing Date