Case Page

 

Case Status:    SETTLED
On or around 01/23/2009 (Date of order of final judgment)

Filing Date: July 24, 2007

Final approval and dismissal of the case was granted on January 23, 2009.

Shortly after initial motions for dismissal were filed, parties announced a settlement agreement resolving the case in full. The Stipulation of Settlement and motions for preliminary approval of the $4 million settlement were filed July 29, 2008. The judge granted preliminary approval of the settlement on October 20, 2008. The final settlement fairness hearing is scheduled for January 23, 2009.

On October 18, 2007 the judge ordered related cases consolidated, appointed an institutional investor as lead plaintiff and approved their choice of lead and liaison counsel. An Amended Complaint was then filed on January 22, 2008.

According to a press release dated July 24, 2007, the complaint charges Greenfield Online and certain of its officers and directors with violations of the Exchange Act. The Company provides Internet survey and comparison shopping solutions primarily in North America and Europe. According to the complaint, Defendants issued a series of materially false and misleading statements concerning Greenfield Online, its business, operations and prospects. Unbeknownst to shareholders, the true facts were (i) that the Company was experiencing several adverse trends in its core business which were negatively impacting its revenues and earnings and causing the Company to miss its internal performance expectations; (ii) that the Ciao AG acquisition was not a success as Ciao AG was not performing according to expectations; and (iii) that the Company was materially overvaluing Ciao AG and should have, but did not, write down the value of Ciao AG on its financial statements by tens of millions of dollars. As a result, the Company lacked a reasonable basis for their positive statements concerning the Company's earnings, prospects and financial results.

The complaint further alleges that on August 9, 2005, after the markets closed, Greenfield Online announced that it was lowering its outlook on fiscal 2005. Upon this news, on the next trading day, shares of the Company's stock fell $3.31 per share, or 27%, to close at $8.94 per share, on heavy trading volume. Then, on September 29, 2005, the Company, for the second time, lowered its outlook for the 2005 third quarter and fiscal year. Moreover, the Company announced that defendant Dean A. Wiltse, the Company's President and Chief Executive Officer, had left the Company. In reaction to this announcement, shares of the Company's stock fell $1.53 per share, or over 20%, to close at $5.44 per share, on heavy trading volume.

COMPANY INFORMATION:

Sector: Services
Industry: Business Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: SRVY
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: D. Connecticut
DOCKET #: 07-CV-01118
JUDGE: Hon. Vanessa L. Bryant
DATE FILED: 07/24/2007
CLASS PERIOD START: 02/09/2005
CLASS PERIOD END: 09/30/2005
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Diserio Martin O'Connor & Castiglioni LLP
    1 Atlantic Street, Diserio Martin O'Connor & Castiglioni LLP, CT 06901
    203.358.0800 203.348.2321 ·
  2. Lerach Coughlin Stoia Geller Rudman & Robbins LLP (Melville)
    58 South Service Road, Suite 200, Lerach Coughlin Stoia Geller Rudman & Robbins LLP (Melville), NY 11747
    631.367.7100 631.367.1173 ·
No Document Title Filing Date
COURT: D. Connecticut
DOCKET #: 07-CV-01118
JUDGE: Hon. Vanessa L. Bryant
DATE FILED: 01/22/2008
CLASS PERIOD START: 02/09/2005
CLASS PERIOD END: 09/29/2005
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Coughlin Stoia Geller Rudman & Robbins LLP (Melville)
    200 Broadhollow, Suite 406, Coughlin Stoia Geller Rudman & Robbins LLP (Melville), NY 11747
    631.367.7100 631.367.1173 · info@csgrr.com/
No Document Title Filing Date