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Case Status:    SETTLED
On or around 05/14/2007 (Date of order of final judgment)

Filing Date: April 20, 2004

According to the docket, on May 14, 2007 the judge submitted his final Order and Judgment dismissing the case and affirming the settlement amount of $775,000 while awarding attorneys' fees and expenses of $273,539.50. One month later, both parties agreed to voluntarily dismiss an interlocutory appeal and the case was administratively closed.

According to the Company’s FORM 10-Q for the quarterly period ended December 31, 2005, subsequent to the SEC action a number of class action lawsuits were initiated in the U.S. District Court for the Southern District of Florida by Company stockholders against the Company, Sherb & Co. LLP, the Company's former independent auditor, and certain of the Company's directors and officers, including the Company's former Chief ExecutiveOfficer/Chairman, and the Company's former CFO and current acting Chief Executive Officer. These suits allege essentially the same claims as the SEC suit. The defendants filed certain Motions to Dismiss with regard to the Complaint and on October 19, 2005, the U.S. District Court for the Southern District of Florida in Re Spear & Jackson Securities Litigation entered its Order regarding these Motions. The Order denied the Company's motion as well as that of the former Chief Executive Officer of Spear & Jackson. The Company is in the process of preparing its answer and defenses to the Complaint. The Court granted the Motion to Dismiss on behalf of the Company's interim Chief Executive Officer, and also granted the Motion to Dismiss of the Company's former auditor, Sherb & Co., LLP. The Court denied the motion of Spear & Jackson's Monitor to abate the litigation for a six-month period pending the administration of the SEC's restitution fund. The Court also denied the Plaintiff's Motion for Clarification and established a new cut-off for discovery until December 19, 2005. The case has been set on the Court's two-week calendar beginning March 6, 2006.

The original complaint alleges that during the Class Period defendants disseminated materially false and misleading information to the investing public that artificially inflated SJCK's share price. According to the complaint, the true facts which were known by each of the defendants, but concealed from the investing public during the Class Period, were as follows: (i) that defendants orchestrated a 'pump-and dump' scheme to manipulate the share price of SJCK stock by issuing false information to tout SJCK stock to registered representatives and broker-dealers around the country; (ii) that defendants used nominee companies based in the British Virgin Islands illegally to obtain over 1.2 million shares of SJCK stock during 2002, some of which was obtained through the filing of a fraudulent Form S-8 registration statement; (iii) that the Company's repurchase of shares was not in compliance with applicable rules; (iv) that the Company never had any intention of making open market purchases as suggested in its January 16, 2004 release; and (v) that the Company was not on track to achieve earnings of $0.50 to $0.55 per share for 2004. As a result of the defendants' false statements, SJCK's stock price traded at inflated levels during the Class Period, increasing to as high as $9.55 on July 15, 2003, whereby the Company's top officers and directors sold more than $3 million worth of their own shares. On April 16, 2004, it was announced that U.S. securities regulators had sued SJCK Chief Executive, alleging he used false information to boost the Company's stock price while secretly selling $3 million in shares. SJCK shares fell $0.52 to $1.85 on this news.

COMPANY INFORMATION:

Sector: Consumer Cyclical
Industry: Appliance & Tool
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: SJCK
Company Market: OTC-BB
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 #: 04-CV-80375
JUDGE: Hon. Kenneth L. Ryskamp
DATE FILED: 04/20/2004
CLASS PERIOD START: 07/14/2003
CLASS PERIOD END: 04/15/2004
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Berman DeValerio Pease Tabacco Burt & Pucillo (FL)
    515 North Flagler Drive - Suite 1701, Berman DeValerio Pease Tabacco Burt & Pucillo (FL), FL 33401
    561.835.9400 ·
  2. 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 ·
  3. 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
  4. Milberg Weiss Bershad Hynes & Lerach LLP (San Diego, CA)
    600 West Broadway, 1800 One America Plaza, Milberg Weiss Bershad Hynes & Lerach LLP (San Diego, CA), CA 92101
    800.449.4900 · support@milberg.com
  5. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
  6. Scott & Scott LLC (Connecticut)
    P.O. Box 192, 108 Norwich Avenue, Scott & Scott LLC (Connecticut), CT 06415
    860.537.5537 860.537.4432 · scottlaw@scott-scott.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
  8. Wechsler Harwood, LLP.
    488 Madison Avenue 8th Floor, Wechsler Harwood, LLP., NY 10022
    212.935.7400 212.753.3630 · info@whesq.com
  9. Wolf Haldenstein Adler Freeman & Herz LLP (New York)
    270 Madison Avenue, Wolf Haldenstein Adler Freeman & Herz LLP (New York), NY 10016
    212.545.4600 212.686.0114 · newyork@whafh.com
No Document Title Filing Date
COURT: S.D. Florida
DOCKET #: 04-CV-80375
JUDGE: Hon. Kenneth L. Ryskamp
DATE FILED: 02/04/2005
CLASS PERIOD START: 01/30/2002
CLASS PERIOD END: 04/16/2004
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cauley Geller Bowman & Rudman (Melville)
    200 Broadhollow Road, Suite 406, Cauley Geller Bowman & Rudman (Melville), NY 11747
    631.367.7100 ·
  2. Law Offices of Bernard M. Gross (Philadelphia) (former)
    1515 Locust Street, 2nd Floor, Law Offices of Bernard M. Gross (Philadelphia) (former), PA 19102
    215-561-3600 215-561-3000 · bmgross@bernardmgross.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. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
  5. Schiffrin Barroway Topaz & Kessler, LLP (Radnor)
    280 King of Prussia Road, Schiffrin Barroway Topaz & Kessler, LLP (Radnor), PA 19087
    610.667.7706 610.667.7056 · info@sbtklaw.com
  6. 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