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Case Status:    SETTLED
On or around 04/26/2005 (Date of order of final judgment)

Filing Date: December 31, 2002

According to the docket, on October 29, 2004, the plaintiffs filed a Stipulation of Settlement. On April 19, 2005, the Court entered the Minutes of Approval of Settlement held before Judge K. M. Moore. On April 27, 2005, the Court entered the Final Judgment and Order of Dismissal with Prejudice by Judge K. M. Moore.

As stated in the complaint, Commercial Consolidators Corporation (“ZCC”) purported to be a highly profitable, growing distributor of consumer electronics and business technologies. In April 2000 it began to expand into growth industries and high-margin, converging products markets in North and Latin America. ZCC is divided into a Business Technologies Group and a Consumer Electronics Group. In the fiscal year ending February 28, 2001, the Business Technologies Group represented approximately 70% of ZCC’s revenues. Additionally, in the fiscal year ending February 28, 2001, approximately 99% of the Consumer Electronics Group revenues was derived from sales in Cuba. However, they allowed their Cuban business segment to steadily decline.

The complaint alleges that despite the known losses in revenue, ZCC continued to encourage investment through the use of e-mail solicitations. Trading on ZCC securities was halted, without explanation or warning on September 12, 2002. In the face of continual downturn in the market, the Company employed a scheme to obscure this trend (and the resulting collapse of the Company’s sales), in order to create the false impressions that its historical revenue growth was sustainable. The defendants’ scheme to hide ZCC’s inability to compete in the emerging marketplace included failing to file required SEC filings and failure to inform investors of its intent to shut down Cuban operations.

COMPANY INFORMATION:

Sector: Technology
Industry: Electronic Instruments & Controls
Headquarters: Canada

SECURITIES INFORMATION:

Ticker Symbol: ZCC
Company Market: Amex Emerging Co.
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 #: 02-CV-81169
JUDGE: Hon. Wilkie D. Ferguson, Jr.
DATE FILED: 12/31/2002
CLASS PERIOD START: 12/18/2001
CLASS PERIOD END: 09/12/2002
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cauley Geller Bowman & Coates (Boca Raton, FL)
    2255 Glades Road Suite 421A, Cauley Geller Bowman & Coates (Boca Raton, FL), FL 33431
    561.750.3000 ·
  2. Federman & Sherwood (Oklahoma City)
    120 North Robinson, Suite 2720, Federman & Sherwood (Oklahoma City), OK 73102
    405-235-1560 · wfederman@aol.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. Milberg Weiss Bershad Hynes & Lerach LLP (Boca Raton)
    The Plaza, Suite 900, 5355 Town Center Road, Milberg Weiss Bershad Hynes & Lerach LLP (Boca Raton), FL 33486
    561.361.5000 ·
  5. 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
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