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Case Status:    SETTLED
On or around 07/15/2005 (Date of order of final judgment)

Filing Date: November 19, 1999

According to the docket, on March 4, 2002, the Court entered the Final Judgment and Order of Dismissal with prejudice approving the Stipulation of Partial Settlement between and among the plaintiff Class and former Just For Feet, Inc. employees, officers, and/or directors. Also that day, the Court further entered the Final Order and Judgment approving the Stipulation and Agreement of Settlement between and among the Class and defendants Deloitte & Touche, LLP, and certain individual defendants. A notice of appeal was soon after filed by the defendant over the Final Judgment and Order of Dismissal with prejudice and the plaintiffs filed a notice of appeal regarding the Order awarding fees and reimbursement of expenses.

The Notice of Settlement announces that the proposed Just For Feet Settlement creates a fund in the amount of approximately $24.5 million in cash, plus interest that accrues on the fund prior to distribution. In addition, the proposed Deloitte Settlement creates a fund in the amount of $7,400,000 in cash, plus interest that accrues on the fund prior to distribution.

The original securities class action complaint charges the defendants with violations of the federal securities laws (specifically, sections 10(b) and 20 of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder by the Securities Exchange Commission) by, among other things, misrepresenting and/or omitting material information concerning the Company's net earnings. The complaint further charges that these misrepresentations were the result of the combined defendants actions in, among other things, creating false billings for advertising and fixed asset costs to its vendors, understating its cost of sales through acquisition accounting, capitalizing inventory costs that should have been recorded as expenses, overstating inventory by failing to account for missing or obsolete inventory, and creating fictitious postings to both the inventory and expense accounts. The price of Just for Feet's shares were thereby artificially inflating during the Class Period.

The defendants named in the action are certain key officers and controlling personnel of Just for Feet, Inc. and the Company's auditors, Deloitte & Touche, L.L.P. This action is not brought against the Company, who announced on November 2, 1999, that it was seeking Chapter XI bankruptcy protection.

COMPANY INFORMATION:

Sector: Services
Industry: Retail (Apparel)
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: FEET
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: N.D. Alabama
DOCKET #: 99-CV-03097
JUDGE: Hon. H. D. Buttram
DATE FILED: 11/19/1999
CLASS PERIOD START: 04/01/1997
CLASS PERIOD END: 11/01/1999
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. David A McDonald, Attorney at Law
    203 South Warren Street, David A McDonald, Attorney at Law, AL 36602
    334.434.0045 334.434.0045 ·
  2. Hare Wynn Newell & Newton, LLP
    Massey Building, Suite 800; 2025 3rd Avenue, North, Hare Wynn Newell & Newton, LLP, AL 35203-3331
    205.328.5330 205.324-2165 ·
  3. Kilborn & Roebuck
    1810 Old Government Street; Post Office Box 66710, Kilborn & Roebuck, AL 36660
    334.479.9010 334.479.9010 ·
  4. Ritchie & Rediker, L.L.C.
    312 North 23rd Street, Ritchie & Rediker, L.L.C., AL 35203
    1800.251.1127 205.324.7830 · tkrebs@ritchie-rediker.com
No Document Title Filing Date
COURT: N.D. Alabama
DOCKET #: 99-CV-03097
JUDGE: Hon. H. D. Buttram
DATE FILED: 06/15/2000
CLASS PERIOD START: 05/05/1997
CLASS PERIOD END: 11/01/1999
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Grant & Eisenhofer (Wilmington)
    1201 N. Market Street, Suite 2100, Grant & Eisenhofer (Wilmington), DE 19801
    302.622.7000 302.622.7100 · lawyers@gelaw.com
  2. M. Clay Ragsdale (former)
    1929 Third Avenue North, Suite 550, M. Clay Ragsdale (former), AL 35203
    205.251.4775 205.251-4777 ·
  3. Ritchie & Rediker, L.L.C.
    312 North 23rd Street, Ritchie & Rediker, L.L.C., AL 35203
    1800.251.1127 205.324.7830 · tkrebs@ritchie-rediker.com
No Document Title Filing Date
No Document Title Filing Date