Case Page

 

Case Status:    SETTLED
On or around 06/19/2008 (Date of order of final judgment)

Filing Date: September 01, 2004

According to a press release dated on June 27, 2008, Concord Camera Corp. ("Concord" or the "Company") (NASDAQ: LENS) today announced that on June 19, 2008, the United States District Court for the Southern District of Florida issued its final approval of the Stipulations and Agreements of Settlement in the securities class action suit filed in September 2004 against the Company and certain of its current and former officers (United States District Court for the Southern District of Florida, Case No.: 04-61159-CIV-LENARD/KLEIN)). In addition, a related shareholder derivative action suit was also filed in November 2004 against certain of the Company's current and former officers and directors. (United States District Court for the Southern District of Florida, Case No.: 05-60574-CIV-LENARD/KLEIN)) and both actions were dismissed with prejudice. The Company sought coverage from its insurance carrier for these lawsuits under its directors' and officers' liability insurance policy and the insurance carrier defended the actions under a reservation of rights. Hence, the agreed upon settlement amounts were within the policy limits and the insurance carrier has agreed to pay such amounts.

As of August 9, 2007 the parties were actively participating in discovery proceedings.

On June 16, 2005, the Court entered the Order signed by U.S. District Judge Joan A. Lenard granting the motion to consolidate cases, appoint lead plaintiff and approve lead plaintiff’s selection of lead counsel. On August 31, 2005, the plaintiff filed a Consolidated Class Action Complaint. Jury trial has been set for 9:00 am, on December 10, 2007, before Judge Joan A. Lenard.

The original complaint charges Concord and certain of its officers with violations of Sections 10(b)-5 and 20(a) of the Securities Exchange Act of 1934, and Rule 10(b)-5 promulgated thereunder. Concord designs, develops, manufactures and sells easy-to-use image capture products on a worldwide basis. More specifically, the complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that the Company's inventory levels were materially inflated; (2) the Company's financial results were materially impacted by the significant inventory provisions, ranging from $6 to $7 million; (3) the Company's net loss was artificially deflated through the application of manufacturing labor and overhead costs to inventory; and (4) that as a result, the Company's financial results were materially inflated at all relevant times.

More specifically, on May 11, 2004, Concord announced that it would file Form 12b-25 with the SEC extending the Company's time to file a Form 10-Q for the period ended March 27, 2004. News of this shocked the market. Shares of Concord fell $1.58 per share or 34.20 percent, on May 11, 2004, to close at $3.04 per share.

COMPANY INFORMATION:

Sector: Consumer Cyclical
Industry: Photography
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: LENS
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: S.D. Florida
DOCKET #: 04-CV-61159
JUDGE: Hon. Joan A. Lenard
DATE FILED: 09/01/2004
CLASS PERIOD START: 08/14/2003
CLASS PERIOD END: 05/10/2004
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Berger & Montague PC
    1622 Locust Street, Berger & Montague PC, PA 19103
    800.424.6690 215.875.4604 · investorprotect@bm.net
  2. Bernstein Liebhard & Lifshitz, LLP (New York)
    10 E. 40th Street, 22nd Floor, Bernstein Liebhard & Lifshitz, LLP (New York), NY 10016
    800.217.1522 · info@bernlieb.com
  3. Schatz & Nobel, P.C.
    330 Main Street, Schatz & Nobel, P.C., CT 06106
    800.797.5499 860.493.6290 · sn06106@AOL.com
  4. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
  5. Stull, Stull & Brody (New York)
    6 East 45th Street, Stull, Stull & Brody (New York), NY 10017
    310.209.2468 310.209.2087 · SSBNY@aol.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
COURT: S.D. Florida
DOCKET #: 04-CV-61159
JUDGE: Hon. Joan A. Lenard
DATE FILED: 08/31/2005
CLASS PERIOD START: 08/14/2003
CLASS PERIOD END: 08/31/2004
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Berger & Montague PC
    1622 Locust Street, Berger & Montague PC, PA 19103
    800.424.6690 215.875.4604 · investorprotect@bm.net
  2. Curtis V. Trinko LLP
    16 West 46th Street 7th Floor, Curtis V. Trinko LLP, NY 10036
    212.490.9550 212.986.0158 · ctrinko@trinko.com
  3. Labaton Sucharow & Rudoff LLP
    100 Park Avenue, 12th Floor, Labaton Sucharow & Rudoff LLP, NY 10017
    212.907.0700 212.818.0477 · info@labaton.com
  4. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
  5. Stull, Stull & Brody (New York)
    6 East 45th Street, Stull, Stull & Brody (New York), NY 10017
    310.209.2468 310.209.2087 · SSBNY@aol.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