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Case Status:    DISMISSED    
On or around 04/18/2008 (Date of order of final judgment)

Filing Date: June 19, 2006

On April 18, 2008, U.S. District Judge David C. Godbey granted the defendants' motion dismiss. That same day, Judge Godbey signed the Final Judgment dismissing all claims with prejudice.

On December 8, 2006, the Court entered the Order granting the motion to appoint the Massachusetts Laborers' Annuity Fund as lead plaintiff and approved its selection of lead and liaison counsel. On February 2, 2007, the Court granted the motion to consolidate cases. Specifically, case number 06-CV-01635 was consolidated into case number 06-CV-1083. On November 27, 2006, a Consolidated Class Action Complaint was filed. On July 5, 1007, the lead plaintiff filed a First Amended Consolidated Class Action Complaint for for Violation of §§14(a) and 20(a) of the Securities Exchange Act of 1934 and SEC Rule 14a-9 against all defendants. On September 18, 2007, the defendants filed a motion to dismiss the First Amended Consolidated Class Action Complaint.

The class action is brought by plaintiff on behalf of the holders of the common stock of Michaels Stores, Inc. against its board of directors arising out of defendants' dissemination of false and misleading proxy statements in violation of § 14(a) of the Securities and Exchange Act of 1934 (the "1934 Act"), Securities and Exchange Commission Rule 14a-9 promulgated thereunder, and §20(a) of the 1934 Act.

Specifically, the complaint alleges Defendants misrepresented and/or omitted material facts in definitive Proxy Statements that were filed with the SEC on or about May 6, 2004 (the "2004 Proxy"), May 12, 2005(the "2005 Proxy") and May 4, 2006 (the "2006 Proxy") and disseminated in connection with shareholder votes held on June 17, 2004, June 16, 2005 and June 20, 2006, respectively, including key information that stock options granted to top executives had been backdated. The false and misleading Proxy Statements were utilized to secure each defendants' reelection to the Michaels Stores' Board in 2004, 2005 and 2006, entitling them to annual grants of more than $48,000 in cash and 30,000 immediately exercisable stock options.

The complaint alleges that as a result of defendants' dissemination of the false and misleading Proxy Statements, defendants were able to induce shareholder action which resulted in substantial harm to plaintiff and Michaels Stores' other shareholders. The relevant time period for this action is May 4, 2004 through the present.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: MIK
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: N.D. Texas
DOCKET #: 06-CV-01083
JUDGE:
DATE FILED: 06/19/2006
CLASS PERIOD START:
CLASS PERIOD END:
PLAINTIFF FIRMS NAMED IN COMPLAINT:
No Document Title Filing Date
COURT: N.D. Texas
DOCKET #: 06-CV-01083
JUDGE:
DATE FILED: 07/05/2007
CLASS PERIOD START: 05/06/0204
CLASS PERIOD END: 06/20/2006
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Lerach Coughlin Stoia Geller Rudman & Robbins LLP (San Diego)
    655 West Broadway, Suite 1900, Lerach Coughlin Stoia Geller Rudman & Robbins LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 ·
  2. Provost & Umphrey Law Firm, LLP (Dallas )
    3232 McKinney Avenue, Suite 700, Provost & Umphrey Law Firm, LLP (Dallas ), TX 75204
    214.744.3000 214.744.3015 · info@provostumphrey.com
No Document Title Filing Date
No Document Title Filing Date