Commonwealth Energy Corporation Securities Litigation
On or around 08/26/2003 (Other)
Filing Date: December 17, 2002
According to the docket dated 09/03/2003, Class Certification was denied and the case is dismissed. Order by Judge Percy Anderson states Plaintiffs' 14a-9 claim is barred by the statute of limitations, Defendant Saline's motion for partial summary judgment is therefore granted. The sole remaining claim in the suit is a pendent claim, Court declines to exercise supplemental jurisdiction over that claim and dismisses the action. Each party bear its own costs terminating case.
Initially the court assigned this case to Judge Alicemarie H. Stotler with the docket number 02-CV-1157. Later, before the end of the year 2002, the Judge Stotler issued an order transferring the case to the Western Division and reassigned the case to Judge Percy Anderson, docket number 03-CV-758.
The original Complaint alleges that Saline violated federal securities laws and requests that he be removed as a Director of Commonwealth, pursuant to California Corporations Code section 304. The Complaint charges that in or about 2001, Saline was elected to the Commonwealth Board of Directors after acquiring 352,000 void Commonwealth shares. On November 14, 2002, Hon. James M. Brooks of the California Superior Court for the County of Orange preliminarily ruled that Saline's shares were illegally issued and void as a matter of law. The Complaint also alleges that since at least October 2001 Saline has made false statements concerning Commonwealth in formal proxy solicitations and elsewhere in order to fraudulently obtain proxies, has interfered with shareholder voting at Commonwealth's annual meeting, and has breached his fiduciary obligations to Commonwealth and its shareholders.
Company & Securities Information
Defendant: Commonwealth Energy Corporation
Industry: Electric Utilities
Headquarters: United States
Company Market: Privately Traded
Market Status: Privately Held
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.
Complaint By Class Of Shareholder Of Commonwealth Energy Corporation For: 1. Violations Of SEC Rule 14A-9; 2. Removal Of Corporate Director Pursuant To And California Corporations Code §304 – Jury Trial Demanded [CV03-758; formerly CV02-1157]
US District Court Civil Docket
Order Granting Joseph Saline's Motion For Partial Summary Judgment And Dismissing Action
U.S. District Court Civil Docket
—Reference Complaint Complaint Related Data is not available
Related District Court Filings
—Related District Court Filings Data is not available