Case Page

 

Case Status:    DISMISSED    
On or around 08/19/2016 (Other)

Filing Date: February 06, 2012

According to the complaint, after the Company's de-registration and the effective elimination of any trading market for the Common Stock, Defendants purchased shares of Common Stock through privately negotiated transactions. These transactions occurred when public shareholders called to inquire about the Company's operations and were met with a blanket refusal to provide any such information and, instead, an offer to buy the Common Stock at a discounted price.

The Company's prosperity provided an impetus for Defendants to work more diligently towards eliminating the minority interest in Xcelera rather than continue to await the slow pace of sales arising from disgruntled shareholders throwing in the towel. Thus, on or about December 17, 2010, defendant OFC Ltd. ("OFC"), a Maltese corporation under the control and domination of the Viks, commenced a tender offer (the "Tender Offer") to purchase the remaining minority shares of Common Stock for $0.25 per share. The Tender Offer materials, however, fail to disclose any information whatsoever concerning the current financial condition or operating results of Xcelera.

On November 2, 2012, the Court issued an Order appointing lead plaintiff and approving the selection of lead counsel.

On March 14, 2013, the Court issued an Order granting defendants' motion to dismiss and denying the plaintiffs' motion for default judgment. On April 10, plaintiff filed Notice to appeal the above Order. Defendants filed Notice of their own cross-appeal on May 10.

On February 21, 2014, the Court of Appeals issued a Mandate affirming in part, vacating in part, and remanding the judgment of the District Court.

On October 9, 2014, the plaintiff filed an amended complaint.

The parties filed a Stipulation dismissing this case on May 12, 2015.

COMPANY INFORMATION:

Sector: Services
Industry: Hotels & Motels
Headquarters: Cayman Islands

SECURITIES INFORMATION:

Ticker Symbol:
Company Market: Privately Traded
Market Status: Public (Delisted)

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. Connecticut
DOCKET #: 12-CV-00188
JUDGE: Hon.Stefan R. Underhill
DATE FILED: 02/06/2012
CLASS PERIOD START: 12/17/2010
CLASS PERIOD END: 12/17/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abraham, Fruchter & Twersky (New York, One Pennsylvania Plaza)
    One Pennsylvania Plaza, Suite 1910, Abraham, Fruchter & Twersky (New York, One Pennsylvania Plaza), NY 10119
    212.279.5050 212.279.3655 · JFruchter@FruchterTwersky.com
  2. Scott & Scott LLC (Connecticut)
    P.O. Box 192, 108 Norwich Avenue, Scott & Scott LLC (Connecticut), CT 06415
    860.537.5537 860.537.4432 · scottlaw@scott-scott.com
No Document Title Filing Date
COURT: D. Connecticut
DOCKET #: 12-CV-00188
JUDGE: Hon.Stefan R. Underhill
DATE FILED: 10/09/2014
CLASS PERIOD START: 12/17/2010
CLASS PERIOD END: 12/17/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abraham, Fruchter & Twersky LLP
    One Penn Plaza, Suite 2805, Abraham, Fruchter & Twersky LLP, NY 10119
    (212) 279-5050 (212) 279-3655 ·
  2. Scott + Scott LLP (NY)
    405 Lexington Avenue, 40th Floor, The Chrysler Building, Scott + Scott LLP (NY), NY 10174
    (212) 223-6444 (212) 223-6444 ·
No Document Title Filing Date