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Case Status:    SETTLED
On or around 12/12/2011 (Date of order of final judgment)

Filing Date: July 01, 2010

According to a press release dated September 28, 2010, the Complaint charges OMNI Energy and OMNI Energy’s board of directors with, among other things, violations of the Securities Exchange Act of 1934 and Rule 14a-9. In particular, the Complaint alleges that the defendants have issued materially false and misleading statements in its proxy statements regarding the proposed transaction wherein Wellspring intends to acquire OMNI Energy.

On October 4, 2010, the plaintiff filed a Supplemental First Amended Complaint. The defendants soon after filed a motion to stay the action pending a parallel state court action. This motion was granted on October 15, 2010. On October 18, 2010, the defendants filed a motion to strike the class action allegations. On October 21, 2010, the defendants filed a motion to stay the action or motion to dismiss the the federal proceedings. The pending motions were denied on the same day.

On October 25, 2010, the defendants filed a motion to stay the action pending the state settlement. The motion was granted on November 9, 2010. On January 25, 2011, Judge Richard T. Haik, Sr., granted the Motion of the Individual Investors for Appointment as Lead Plaintiffs, Approval of Lead Plaintiffs Selection of Lead Counsel, and Approval of Lead Plaintiffs Selection of Liaison Counsel.

The Parties reached an agreement in principle to settle the Consolidated Action on the basis that OMNI would make certain supplemental disclosures via a Form 8-K. The settlement was memorialized in the Parties’ Memorandum of Understanding (the “MOU”), which contemplated a settlement on behalf of a class consisting of all record or beneficial holders of OMNI’s common stock at any time from June 4, 2010 through October 27, 2010 (the “Settlement Class”).

On July 5, 2011, a Stipulation of Settlement was filed. The settlement was preliminarily approved the next day, and the final settlement was approved on December 12, 2011.


Sector: Energy
Industry: Oil Well Services & Equipment
Headquarters: United States


Ticker Symbol: OMNI
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: W.D. Louisiana
DOCKET #: 10-CV-01068
JUDGE: Hon. Richard T Haik, Sr
DATE FILED: 07/01/2010
CLASS PERIOD END: 07/01/2010
  1. Levi & Korsinsky, LLP
No Document Title Filing Date
—Reference Complaint Complaint Related Data is not available
—Related District Court Filings Data is not available