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Case Status:    DISMISSED    
On or around 08/11/2008 (Court's order of dismissal)

Filing Date: August 16, 2007

According to the D&O Diary post dated June 12, 2008, in a May 19, 2008 opinion, Judge Margaret M. Morrow of the United States District Court for the Central District of California granted the defendants’ motion to dismiss, but allowed the plaintiffs’ 45 days’ leave to amend. However, on August 8, 2008 plaintiffs filed a stipulation voluntarily dismissing the case with prejudice. The Judge adopted the stipulation on August 11, 2008 and the case was closed.

On December 3, 2007, the court granted the motion of Pinellas Park Retirement System, Plumbers Local No. 98 Defined Benefit Pension Fund, and the City of Pontiac for appointment as lead plaintiffs, and approved their selection of Coughlin Stoia Geller Rudman & Robbins, LLP as lead counsel. On January 23, 2008, the plaintiff filed a Consolidated Class Action Complaint and the defendants responded by filing a motion to dismiss the case.

As summarized by the Company’s SEC filing for the quarterly period ended September 30, 2007, on August 16, 2007, a securities class action lawsuit was filed in the United States District Court for the Central District of California (Case No. CV07-05364) against the Company’s Executive Vice President-Finance and Chief Financial Officer by putative plaintiff Vinod Patel. The Company was not named in the complaint. The complaint alleges a breach of fiduciary duties to the Company’s stockholders, as well as violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, and Rule 10b-5 promulgated thereunder, during the period between October 27, 2005 and August 2, 2007. Specifically, the complaint alleges that the Company: (i) issued materially false and misleading statements regarding its finances, business and prospects; (ii) lacked requisite internal controls over lending practices; and (iii) misrepresented the extent of risk in the Company’s loans. The complaint seeks an unspecified amount of damages (including interest), reasonable costs and attorneys’ fees, as well as equitable, injunctive or other relief that the court may deem just and proper. The complaint has not been served. On October 19, 2007, putative class members Pinellas Park Retirement System (General Employees), Plumbers Local No. 98 Defined Benefit Pension Fund, and City of Pontiac General Employees’ Retirement System filed a Motion for Appointment as Lead Plaintiffs. In the Motion for Appointment as Lead Plaintiffs, the moving parties seek appointment of themselves as lead plaintiffs, and appointment of Coughlin Stoia Geller Rudman & Robbins LLP as lead counsel for the putative class. A hearing on the motion is set for November 19, 2007.

COMPANY INFORMATION:

Sector: Capital Goods
Industry: Construction Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: SPF
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: C.D. California
DOCKET #: 07-CV-05364
JUDGE: Hon. Margaret M. Morrow
DATE FILED: 08/16/2007
CLASS PERIOD START: 10/27/2005
CLASS PERIOD END: 08/02/2007
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Coughlin Stoia Geller Rudman & Robbins LLP (San Diego)
    655 West Broadway, Suite 1900, Coughlin Stoia Geller Rudman & Robbins LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 · info@csgrr.com/
  2. Lee Hong Degerman Kang & Schmadeka
    660 S. Figueroa St., Lee Hong Degerman Kang & Schmadeka, CA 90017
    213.623.2221 213.623.2211 ·
No Document Title Filing Date
COURT: C.D. California
DOCKET #: 07-CV-05364
JUDGE: Hon. Margaret M. Morrow
DATE FILED: 01/23/2008
CLASS PERIOD START: 10/27/2005
CLASS PERIOD END: 08/02/2007
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Coughlin Stoia Geller Rudman & Robbins LLP (Melville)
    58 South Service Road, Suite 200, Coughlin Stoia Geller Rudman & Robbins LLP (Melville), NY 11747
    631.367.7100 631.367.1173 · info@csgrr.com/
  2. Coughlin Stoia Geller Rudman & Robbins LLP (San Diego)
    655 West Broadway, Suite 1900, Coughlin Stoia Geller Rudman & Robbins LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 · info@csgrr.com/
No Document Title Filing Date