Case Page

 

Case Status:    DISMISSED    
On or around 12/18/2006 (Date of order of final judgment)

Filing Date: May 13, 2002

On June 30, 2006 both parties submitted their notice on the results of the mediation; neither side were able to find agreement and settlement hopes were abandoned. With both sides' inability to agree on settlement, the judge ordered the case dismissed with prejudice on December 18, 2006.

On March 15, 2004, the Court entered the Memorandum Order granting the defendants’ motion to dismiss the Complaint. The case was closed. However, on November 23, 2004, the Court entered the Memorandum Order granting the plaintiff’s motion for leave to file an Amended Complaint, and the case was reopened. On December 14, 2004, the plaintiffs filed an Amended Complaint. By the Order entered on March 24, 2006, the case was referred to mediation.

The complaint charges defendants with violations of the Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. Plaintiffs claim defendants' omissions and material misrepresentations concerning IT Group's financial performance, in Company quarterly press releases and Form 10-K annual reports and Form 10-Q quarterly reports filed with the Securities and Exchange Commission between October 21, 1998 and February 23, 2000, artificially inflated the Company's stock price, inflicting damages on investors. The complaint alleges that during the Class Period defendants (i) overstated IT Group's accounts receivable by improper inclusion of unapproved change orders and purchase price adjustments made in connection with acquisitions; (ii) misrepresented the quality of IT Group's accounts receivable, by overstating billed receivables and understating unbilled receivables; (iii) concealed that the IT Group was undergoing a liquidity crisis due to the failure of its acquisitions strategy, (iv) failed to disclose that the government contracts, which IT Group claimed provided it with a multi-billion dollar backlog, were actually awarded to multiple vendors, and (v) failed to disclose that the quality of IT Group's receivables was impaired due to the Company's violation of the U.S. Government's Federal Acquisition Regulations "pay-when-paid" requirements.

COMPANY INFORMATION:

Sector: Services
Industry: Waste Management Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: ITXG.PK
Company Market: New York SE
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: W.D. Pennsylvania
DOCKET #: 02-CV-00886
JUDGE: Hon. William L. Standish
DATE FILED: 05/13/2002
CLASS PERIOD START: 02/24/2000
CLASS PERIOD END: 01/15/2002
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. Glancy Binkow & Goldberg LLP (NY)
    1501 Broadway, Suite 1416, Glancy Binkow & Goldberg LLP (NY), NY 10036
    917.510.000 646.366-089 · info@glancylaw.com
  3. Marcus & Shapira
    301 Grant Street. 35th Floor, One Oxford Centre, Marcus & Shapira, PA 15219-6401
    · marcus@marcus-shapira.com
  4. Schatz & Nobel, P.C.
    330 Main Street, Schatz & Nobel, P.C., CT 06106
    800.797.5499 860.493.6290 · sn06106@AOL.com
No Document Title Filing Date
COURT: W.D. Pennsylvania
DOCKET #: 02-CV-00886
JUDGE: Hon. William L. Standish
DATE FILED: 12/27/2004
CLASS PERIOD START: 10/21/1998
CLASS PERIOD END: 02/23/2000
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
No Document Title Filing Date
No Document Title Filing Date