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Case Status:    SETTLED
On or around 07/18/2003 (Date of order of final judgment)

Filing Date: November 29, 2001

According to the docket, on April 30, 2003, a Stipulation of settlement was filed and on May 2, 2003, the Court entered the Order granting the application for preliminary approval of the settlement and setting the hearing date for the final approval of the settlement. The Notice of Pendency and Proposed Settlement of the Class Action announced that the settlement was in the amount of $5,250,000 in cash. On July 18, 2003, the Court further entered the Order granting reimbursement of attorneys’ fees and expenses and Judgment closing the case. Finally, on July 6, 2004, the Court granted the application for an order authorizing disbursement of net settlement fund.

The complaint charges Brightpoint and certain of its officers and directors with violations of the Securities Exchange Act of 1934.

Specifically, the complaint alleges Defendants' public filings were made in contravention to Generally Accepted Accounting Principles ("GAAP") and violated their duty to promptly disseminate accurate and truthful information with respect to the Company's operations, business, products, markets, management, earnings, the discontinuation of its trading division and present and future business prospects, to correct any previously issued statements from any source that had become untrue, and to disclose any trends that would materially affect earnings and the present and future financial operating results of Brightpoint, so that the market price of the Company's publicly traded securities would be based upon truthful and accurate information.

On November 13, 2001, the Company announced that it will "restate its annual financial statements for 1998, 1999, 2000 and the interim periods of 2001" and that the primary cause of the restatement related to "previously reported (October 2, 1998) losses the Company had sustained in its trading division, an operation that the Company closed in 1998." The restated financial statements revealed that the true operating income for 1998 was approximately 38% less than originally reported and net income per share was actually less than half of the original amount.

The Company's announcement revealed that Brightpoint was plagued by internal inefficiencies with respect to financial control, inventory control and execution, and that defendants had been misleading shareholders regarding the true value of Brightpoint stock. Moreover, as a result of defendants' failure to disclose the true state of affairs of the Company, the price of Brightpoint's common stock was artificially inflated during the Class Period.

COMPANY INFORMATION:

Sector: Technology
Industry: Communications Equipment
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: CELL
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. Indiana
DOCKET #: 01-CV-1796
JUDGE: Hon. John Daniel Tinder
DATE FILED: 11/29/2001
CLASS PERIOD START: 01/29/1999
CLASS PERIOD END: 11/13/2001
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cohen & Malad, LLP
    136 North Delaware - Suite 300, Cohen & Malad, LLP, IN 46204
    317.636.6481 317.636.2593 ·
  2. Strauss & Troy
    The Federal Reserve Building, 150 East Fourth Street, Strauss & Troy, OH 45202-4018
    513.621.2120 513.241.8250 · wlwoods@strauss-troy.com
  3. Stull, Stull & Brody (Los Angeles)
    10940 Wilshire Boulevard - Suite 2300, Stull, Stull & Brody (Los Angeles), CA 90024
    310.209.2468 ·
  4. Weiss & Yourman (Los Angeles, CA)
    10940 Wilshire Blvd - 24th Floor, Weiss & Yourman (Los Angeles, CA), CA 90024
    310.208.2800 310.209.2348 · info@wyca.com
  5. 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. Indiana
DOCKET #: 01-CV-1796
JUDGE: Hon. John Daniel Tinder
DATE FILED: 04/15/2002
CLASS PERIOD START: 01/29/1999
CLASS PERIOD END: 01/31/2002
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cohen & Malad, LLP
    136 North Delaware - Suite 300, Cohen & Malad, LLP, IN 46204
    317.636.6481 317.636.2593 ·
  2. Stull, Stull & Brody (Los Angeles)
    10940 Wilshire Boulevard - Suite 2300, Stull, Stull & Brody (Los Angeles), CA 90024
    310.209.2468 ·
  3. Weiss & Yourman (Los Angeles, CA)
    10940 Wilshire Blvd - 24th Floor, Weiss & Yourman (Los Angeles, CA), CA 90024
    310.208.2800 310.209.2348 · info@wyca.com
No Document Title Filing Date
No Document Title Filing Date