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Case Status:    SETTLED
On or around 02/17/2011 (Date of order of final judgment)

Filing Date: December 12, 2008

According to a press release dated December 13, 2008, the complaint alleges on December 4, 2008, the Company announced that it would restate its quarterly financial results for the first and second fiscal quarters of 2008. GSI disclosed that it had overstated its revenues by $8.9 million for the first quarter and $7.2 million for the second quarter of 2008. As a result of these disclosures, the Company's stock price has declined over 45%.

On May 8, 2009, Judge George A. O’Toole, Jr., granted the motion to appoint the Mason Tenders District Council Trust Funds as lead plaintiff and approved its selection of the law firm Cohen Milstein Sellers & Toll PLLC as lead counsel and Berman DeValerio as liaison counsel.

Before filing a Consolidated Complaint, the lead plaintiffs filed a motion for certification of settlement class and for preliminary approval of the class action settlement. The proposed settlement is in the amount of $3,250,000 in cash. The motion was approved on October 12, 2010, and the final settlement hearing was set for February 16, 2011 before Judge George A. O'Toole Jr. On February 22, 2011, Judge George A. O'Toole, Jr. signed the final order approving the settlement, the plan of allocation, and attorneys' fees and expenses. The action is now dismissed with prejudice.


Sector: Technology
Industry: Semiconductors
Headquarters: United States


Ticker Symbol: GSIG
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. Massachusetts
DOCKET #: 08-CV-12065
JUDGE: Hon. George A. OToole, Jr
DATE FILED: 12/12/2008
CLASS PERIOD END: 12/03/2008
  1. Glancy Binkow & Goldberg LLP (Los Angeles)
    1801 Ave. of the Stars, Suite 311, Glancy Binkow & Goldberg LLP (Los Angeles), CA 90067
    310.201.915 310. 201-916 ·
  2. Law Offices of Howard G. Smith
    3070 Bristol Pike, Suite 112, Law Offices of Howard G. Smith, PA 19020
    215.638.4847 215.638.4867 ·
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