Case Page

 

Case Status:    DISMISSED    
On or around 07/13/2010 (Date of order of final judgment)

Filing Date: November 07, 2008

According to a press release dated November 07, 2008, the complaint alleges that the representations contained in Daktronics’ press releases, SEC filings, conference calls and presentations during the Class Period were materially false and misleading when made because they failed to disclose: (i) that the Company was experiencing softness in its digital billboard and sports markets and was not performing according to internal expectations; (ii) that several of the Company’s large orders were being delayed; (iii) that the Company was unable to control its operating expenses; and (iv) that, as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about the Company, its prospects and revenue growth rate.

According to the complaint, on April 5, 2007, after the markets closed, the Company issued a press release revising its fiscal fourth quarter 2007 estimates and giving its initial order growth guidance for fiscal year 2008. Upon this news, the price of Daktronics common stock fell $5.78 per share, or approximately 20%, to close at $22.13 per share, on heavy trading volume.

The judge entered an order on February 27, 2009, consolidating related cases, appointing a union and two individual investors as lead plaintiffs, and approving their selection of lead counsel.

On April 13, 2009, an amended consolidated class action complaint was filed with the court.

On June 09, 2010, it was Ordered that the Motion to Dismiss was granted without prejudice with leave for the plaintiff to amend within 20 days.

On July 13, 2010, the amended consolidated complaint was dismissed on the merits with prejudice.

COMPANY INFORMATION:

Sector: Services
Industry: Advertising
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: DAKT
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. South Dakota
DOCKET #: 08-CV-04176
JUDGE: Hon. Lawrence L. Piersol
DATE FILED: 11/07/2008
CLASS PERIOD START: 11/15/2006
CLASS PERIOD END: 04/05/2007
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. Dougherty & Dougherty, LLP
    100 North Phillips Avenue, Suite 402, Dougherty & Dougherty, LLP, SD 57101
    605.335.8586 605.331.2519 ·
  3. Dyer & Berens LLP (former)
    682 Grant Street, Dyer & Berens LLP (former), CO 80203-3507
    303.861.1764 303.861.1764 · contact@dyerberens.com
No Document Title Filing Date
COURT: D. South Dakota
DOCKET #: 08-CV-04176
JUDGE: Hon. Lawrence L. Piersol
DATE FILED: 04/13/2009
CLASS PERIOD START: 11/15/2006
CLASS PERIOD END: 04/05/2007
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cavanagh & O'Hara
    407 East Adams Street, Cavanagh & O'Hara, IL 62701
    217.544.1771 217.544.1771 ·
  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/
  3. Dougherty & Dougherty, LLP
    100 North Phillips Avenue, Suite 402, Dougherty & Dougherty, LLP, SD 57101
    605.335.8586 605.331.2519 ·
No Document Title Filing Date