Case Page

 

Case Status:    DISMISSED    
On or around 07/19/2010 (Notice of voluntarily dismissal)

Filing Date: November 26, 2008

According to a November 27, 2008, press release, the complaint alleges that instead of complying with their fiduciary duty to maximize shareholder value for NCC’s public shareholders, defendants instead franticly scrambled to sell the Company at below market prices while tens of millions of dollars are being diverted in the form of: (i) premium payments to a NCC significant shareholder for its block of preferred shares and warrants; (ii) the acceleration of unvested options held by defendants; and (iii) the potential elimination of millions of dollars of liability arising out of defendants’ prior misconduct through a merger designed to wrest NCC shareholders of standing to maintain derivative litigation against defendants and a ‘deeper pocket’ to indemnify them, all in exchange for agreeing to an alarming fire sale price for NCC.

The complaint further alleges a claim for violations of Section 14(a) of the Securities Exchange Act, because the defendants issued a false and misleading Definitive Proxy Statement (the ‘Proxy’) with the SEC on November 24, 2008. The complaint alleges that the Proxy is false and misleading because, among other things: (i) it does not properly disclose the defendants’ potential liability from the derivative lawsuits and conceals the fact that these strong claims will be extinguished for the benefit of defendants upon completion of the merger; (ii) a number of statements in the Proxy were rendered misleading because the Proxy failed to allow the shareholders to make an informed judgment about whether the price is fair; and (iii) it misleads shareholders as to the extent of due diligence NCC performed on PNC before agreeing to a percentage of PNC’s stock as consideration for NCC’s shareholders in the Merger Agreement.

On December 02, 2008, this case was transferred to MDL Docket 08-nc-70014. On July 19, 2010, this action was voluntarily dismissed.

COMPANY INFORMATION:

Sector: Financial
Industry: Regional Banks
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: NCC
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. Ohio
DOCKET #: 08-CV-02794
JUDGE: Hon. Donald C. Nugent
DATE FILED: 11/26/2008
CLASS PERIOD START: 11/24/2008
CLASS PERIOD END: 11/26/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Johnson Bottini, LLP
    655 West Broadway, Suite 1400, Johnson Bottini, LLP, CA 92101
    619.230.0063 619.230.0063 · contactus@johnsonbottini.com
No Document Title Filing Date
COURT: N.D. Ohio
DOCKET #: 08-NC-70014
JUDGE: Hon. Donald C. Nugent
DATE FILED: 12/02/2008
CLASS PERIOD START: 11/24/2008
CLASS PERIOD END: 11/26/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Johnson Bottini, LLP
    655 West Broadway, Suite 1400, Johnson Bottini, LLP, CA 92101
    619.230.0063 619.230.0063 · contactus@johnsonbottini.com
No Document Title Filing Date
No Document Title Filing Date