Computron software

Migliorino "Migliorino" [2] had falsely portrayed the financial condition of Computron. See id. The Financials reported the first net profit in the history of Computron. On 21 February , Computron unexpectedly announced its fourth quarter and year end results were being delayed indefinitely the "21 February Announcement". On 1 April , Computron announced it had incurred a substantial loss for the fourth quarter and year ended 31 December the "1 April Announcement".

Discovery was stayed pending resolution of a motion to dismiss submitted by the Defendants in October On 27 January , while the motion to dismiss was sub judice, Computron announced Arthur Andersen was withdrawing its reports on the previously issued financial statements for Computron the "27 January Announcement".

On 17 April, , Computron restated its financial statement for the years ended 31 December , , and , and all interim periods subsequent to the IPO. As a result, the motion to dismiss was deemed withdrawn and the Plaintiff Class amended its complaint to add the newly discovered information. Thereafter, on 30 May , the Plaintiff Class filed the fourth consolidated amended complaint, which the Defendants answered. The Plaintiff Class excluded the Defendants, the officers and directors of Computron, members of their immediate families and their legal representatives, heirs, successors or assigns, any entity in which any Defendant has or had a controlling interest and the Underwriters.

Since April , counsel for the Plaintiff Class have diligently investigated and vigorously pursued claims asserted on behalf of the Plaintiff Class. In July , the Defendants approached the Plaintiff Class about the possibility of settling the instant action.

See Settlement Brief at 5. Thereafter, during a three-month period, Co-Lead Counsel [4] for the Plaintiff Class engaged in four, arm's-length settlement meetings with counsel for the Defendants. These meetings involved in-depth discussions concerning key liability and damage issues underlying the claims of the Plaintiff Class and the defenses asserted with respect to those claims.

Specifically, counsel debated 1 whether the Plaintiff Class could assert claims under Section 11 of the Securities Act of , 15 U. Arthur Andersen participated in certain of these negotiation sessions in an effort to resolve the claims the Plaintiff Class intended to assert.

Counsel continued their efforts to achieve a satisfactory resolution of the instant action with the assistance of Magistrate Judge Dennis M. Typaldos, E. See Settlement Brief at 6. If Computron chooses to issue Settlement Stock instead of cash, the Plaintiff Class members will be protected against any decline in the value of the Settlement Stock. Plaintiff Class members do not have to sell the Settlement Stock to the trust. See Transcript form 6 March Hearing at The plan of distribution the "Plan of Distribution" of the proceeds from the Settlement Fund provides that each member of the Plaintiff Class will receive a pro rata share of his or her "defined loss.

The defined loss is based upon the inflation per share in the price of Computron common stock during three distinct time periods. The first period the "First Period" is from 24 August through 20 February The second period the "Second Period" is from 21 February through 1 April The third period the "Third Period" is from 2 April through 27 January Settlements of disputed claims, especially of complex class action litigations, are favored by the courts.

See In re General Motors Corp. Bolger, 2 F. In reviewing a proposed settlement, a district court should determine whether a settlement is "fair, reasonable and adequate.

Factors relevant to this determination include:. See GM Trucks, 55 F. Jepson, F. The claims of the Plaintiff Class involved numerous complex legal issues and technical accounting issues.

In addition, complex damage issues. All of these issues required extensive expert testimony which would have added to the expense and duration of the instant litigation. However, the able efforts of Magistrate Judge Cavanaugh and counsel resulted in the instant matter settling before fact and expert depositions were taken and before pre-trial preparation commenced.

There is no question that continued litigation would have substantially increased the expense and the duration of the instant action. Also, even if the Plaintiff Class were to recover a larger judgment at trial, which is not guaranteed, the additional delay caused by a trial, post-trial motions and the appellate process, would delay recovery to the Plaintiff Class for years.

Avoiding this unnecessary and unwarranted expenditure of resources and time benefitted all parties. Emerson Elec. As the Plaintiff Class correctly argues "[t]he Settlement secures for the [Plaintiff] Class a substantial benefit undiminished by further litigation expenses, without the delay, risk and uncertainty of continued litigation.

The strong support of the members of the Plaintiff Class also favors approval of the Settlement. Copies of the Notice of. Settlement were mailed to more than 10, members of the Plaintiff Class; not one objection was received to the proposed Settlement.

The complete lack of objection from members of the Plaintiff Class, which included sophisticated institutional investors, substantially evidences the Settlement is fair, adequate and in the best interests of the Plaintiff Class. See Stoetzner v. Steel Corp. Mueller Brass Co. Since the initiation of the instant matter in April , counsel for the Plaintiff Class has conducted a thorough and efficient investigation and analysis of the claims of the members of the Plaintiff Class.

A private investigator was retained to identify and interview fact witnesses. See Settlement Brief at Counsel for the Plaintiff Class also interviewed former employees of Computron.

At the time the Settlement was reached, document discovery was nearly complete and depositions were about to begin. Settlements reached at earlier stages of proceedings, as in the instant case, are favored. See, e. Mercedes-Benz of North Am. When the parties reach an early settlement, it must be fair, adequate, and reasonable but not necessarily identical with the results that might be reached at trial.

The Plaintiff Class contended while it believed there was substantial evidence to support its claims, the complexities and uncertainties of the instant litigation warranted approval of the Settlement. The parties disputed the ability of the Plaintiff Class to establish loss causation which is an element of the asserted claims. Notwithstanding the confidence of counsel for the Plaintiff Class that loss causation could be proved, the outcome of the instant dispute was not certain.

The Plaintiff Class relied upon Robbins v. Koger Properties, Inc. In Koger, shareholders brought a class action against an accounting firm because of its certification of financial statements that were prepared in violation of generally accepted accounting principles.

See F. At the close of the presentation of evidence, the defendant moved, pursuant to Rule 50 a of the Federal Rules of Civil Procedure, for a judgment as a matter of law. The district court denied this motion.

The jury return a verdict for the plaintiffs. See Koger, F. Also, disagreement existed as to whether the Plaintiff Class would be able to recover on its Section 11 claims. The Defendants relied upon Gustafson v. Alloyd Co. Worked on preparing IPO. Enjoyed interacting with my coworkers. Pros none. Cons none. It is a shame that AXS-One no longer exists. Care to share? Help people considering your employer. Share your experience. We want to help you find great companies.

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