Case Page

 

Case Status:    SETTLED
On or around 09/26/2008 (Date of order of final judgment)

Filing Date: June 29, 2006

The original complaint charges KLA-Tencor and its top executive officers and directors violated the federal securities laws by failing to account properly for stock options made to KLA-Tencor employees. The complaint charges that KLA-Tencor improperly expensed stock options, thereby falsely inflating the company's reported financial performance.

Three cases have been consolidated into one action. The consolidated complaint alleges claims under Section 10(b) and Rule 10b-5 thereunder, Section 14(a), Section 20(a), and Section 20A of the Securities Exchange Act of 1934 as a result of our past stock option grants and related accounting and reporting, and seeks unspecified monetary damages and other relief. The plaintiffs seek to represent a class consisting of purchasers of the Company's stock between June 30, 2001 and May 22, 2006 who allegedly suffered losses as a result of material misrepresentations in the Company's SEC filings and public statements during that period. The lead plaintiffs, who seek to represent the class, are the Police and Fire Retirement System of the City of Detroit, the Louisiana Municipal Police Employees’ Retirement System, and the City of Philadelphia Board of Pensions and Retirement. The defendants are KLA-Tencor and certain individuals. The Company and all other defendants filed motions to dismiss these cases in June 2007. However, the motions to dismiss have been taken off calendar and stayed due to the agreement between the parties to settle the litigation. On June 5, 2008, the court granted preliminary approval to a settlement between the parties to resolve the Northern District Litigation. Under the terms of the settlement, the Company will be required to make a payment of $65.0 million to the settlement class. The settlement, which is subject to final court approval at a hearing now scheduled to occur in September 2008, provides for the dismissal with prejudice of the Northern District Litigation and a full release of KLA-Tencor and the other named defendants in connection with the allegations raised in the lawsuit by the plaintiffs and all members of the settlement class.

According to a press release dated September 26, 2008, lead plaintiffs' counsel in the KLA-Tencor Corp. securities litigation are set to receive more than $10 million in attorneys' fees, with a federal judge on Friday granting final approval to a $65 million settlement that lays to rest litigation over alleged options backdating. Judge Charles R. Breyer of the U.S. District Court for the Northern District of California finalized the settlement at a hearing in San Francisco, dismissing the case with prejudice after confirming that there had been no objections to the deal, which was initially announced in January.

COMPANY INFORMATION:

Sector: Technology
Industry: Semiconductors
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: KLAC
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. California
DOCKET #: 06-CV-04065
JUDGE: Hon. Martin J. Jenkins
DATE FILED: 06/29/2006
CLASS PERIOD START: 02/13/2003
CLASS PERIOD END: 05/22/2006
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Berman DeValerio Pease Tabacco Burt & Pucillo (MA)
    One Liberty Square, Berman DeValerio Pease Tabacco Burt & Pucillo (MA), MA 02109
    617.542.8300 ·
  2. Gardy & Notis, LLP (NJ)
    440 Sylvan Avenue, Gardy & Notis, LLP (NJ), NJ 07632
    201-567-7377 201-567-7337 · info@gardylaw.com
  3. Glancy Binkow & GoldBerg LLP
    1925 Century Park East, Suite 2100, Glancy Binkow & GoldBerg LLP, CA 90067
    310-201-9150 · info@glancylaw.com
  4. Glancy Binkow & Goldberg LLP (Los Angeles)
    1801 Ave. of the Stars, Suite 311, Glancy Binkow & Goldberg LLP (Los Angeles), CA 90067
    310.201.915 310. 201-916 · info@glancylaw.com
  5. Gold Bennett Cera & Sidener LLP
    595 Market Street, Suite 2300, Gold Bennett Cera & Sidener LLP, CA 94105-2835
    800.778.1822 415.777.5189 · info@gbcsf.com
  6. Green Welling LLP (San Francisco,)
    595 Market Street, Suite 2750, Green Welling LLP (San Francisco,), CA 94105
    415.477.6700 415.477-6710 · gw@classcounsel.com
  7. Kohn, Swift & Graf, P.C.
    One South Broad Street - Suite 2100, Kohn, Swift & Graf, P.C. , PA 19107
    215.238.1700 215.238.1960 · info@kohnswift.com
  8. Law Offices of Alfred G. Yates
    519 Alleghany Bldg., 429 Forbes Avenue, Law Offices of Alfred G. Yates, PA 15219
    412.391.5164 ·
  9. Paskowitz & Associates
    60 East 42nd Street, 46th Floor, Paskowitz & Associates, NY 10165
    212.685.0969 212.685.2306 · classattorney@aol.com
  10. Roy Jacobs & Associates (New York)
    350 Fifth Avenue Suite 3000 , Roy Jacobs & Associates (New York), NY 10118
    · classattorney@pipeline.com
  11. Stull, Stull & Brody (Los Angeles)
    10940 Wilshire Boulevard - Suite 2300, Stull, Stull & Brody (Los Angeles), CA 90024
    310.209.2468 ·
No Document Title Filing Date
COURT: N.D. California
DOCKET #: 06-CV-04065
JUDGE: Hon. Martin J. Jenkins
DATE FILED: 03/06/2007
CLASS PERIOD START: 06/30/2001
CLASS PERIOD END: 05/21/2006
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. Berman DeValerio Pease Tabacco Burt & Pucillo (CA)
    425 California Street, Suite 2025, Berman DeValerio Pease Tabacco Burt & Pucillo (CA), CA 94104
    415.433.3200 415.433.6382 ·
  3. Kohn, Swift & Graf, P.C.
    One South Broad Street - Suite 2100, Kohn, Swift & Graf, P.C. , PA 19107
    215.238.1700 215.238.1960 · info@kohnswift.com
  4. Trujillo, Rodriguez & Richards, LLC (Cherry Hill)
    20 Brace Road, Trujillo, Rodriguez & Richards, LLC (Cherry Hill), NJ
    ·
No Document Title Filing Date
No Document Title Filing Date