Source: http://securities.stanford.edu/filings-case.html?id=100763
Timestamp: 2018-07-20 18:38:05
Document Index: 271683899

Matched Legal Cases: ['§21', '§21', '§21', '§25400', '§17200', '§1709', '§25400', '§1709', '§17200']

Yes! Entertainment Corporation Securities Litigation
According to the firm's 10-Q filing dated 11/16/1998, three class actions were filed against the Company and certain of its officers in the United States District Court for the Northern District
of California: Harrow v. YES! Entertainment Corporation et al., filed on
April 17, 1997; Takats v. YES! Entertainment Corporation et al., filed on
June 11, 1997; and Siegel v. YES! Entertainment Corporation et al., filed
on June 27, 1997. On August 6, 1997, the three federal actions were
consolidated for pretrial proceedings and captioned In re YES!
Entertainment Corp. Securities Litigation, Civil Action No. C-97-1388 MHP.
On December 4, 1997, the action was referred to the Honorable Charles
Breyer of the Northern District of California. On August 18, 1997, all
defendants filed a motion to dismiss the consolidated action. In response,
on November 8, 1997, plaintiffs filed a first amended consolidated
compliant for violation of the Securities Exchange Act of 1934. Defendants
filed a motion to dismiss the consolidated complaint on January 5, 1998.
One May 15, 1998, the Court granted defendants' motion to dismiss without
prejudice. Plaintiffs filed a second amended complaint on July 9, 1998.
The Federal class actions were based upon claims under federal securities
laws which impose liability on persons who make false or misleading
statements in connection with the purchase or sales of securities.
The Company maintained, and continues to maintain, that the allegations
contained in each of the class actions lawsuits were without merit.
Nonetheless, the Company concluded that further conduct of the class action
lawsuits would be protracted and expensive, and that it would be desirable
and beneficial to the Company to settle the lawsuits. Accordingly, on July
8, 1998, the Company entered into an agreement that settles all the class
action securities lawsuits. The settlement calls for
payment to the plaintiff class of $2.25 million, which is being funded
under the Company's insurance policies. Judge Breyer preliminarily approved
the settlement on July 10, 1998, and the settlement funds were placed in
escrow on August 3, 1998.
1998, the Court entered a Final Judgment and Order of Dismissal which
approved the settlement of all the class action securities lawsuits and
dismissed with prejudiced the Federal class actions.
The original complaint seeks to remedy violations of federal securities laws committed by Yes!, its Chief Executive Officer and its Chief Financial Officer which violations involved misrepresentations regarding Yes!'s operations and sales as well as the status and success of several of its newly introduced products, including V-Link, a 900 Mhz mobile telephone system targeted at teenage consumers which defendants asserted would be the Company's flagship product for
the 1996 holiday selling season. Throughout 1996, Yes! claimed that by the end of 1996 Yes! would "sell hundreds of thousands" of units of V-Link and that V-Link sales combined with sales of Yes!'s other products would ensure 1996 revenues and net income of $100 million and $7.5 million, respectively.
Despite defendants' claims that large retailers such as Toys R Us and WalMart were Yes!'s biggest supporters, the truth was that in order to get major retailers to accept shipments of V-Link in time for the 1996 holiday season Yes! opted to flout FCC regulations and ship V-Link to retailers while
concealing the fact that Yes! was required to receive final marketing approval
from the FCC prior to shipment.
Defendant: Yes! Entertainment Corporation
Ticker Symbol: YESS
Harow, et al. v. Yes! Entertainment Corporation, et al.
DOCKET #: 97-CV-1388
CLASS PERIOD END: 12/12/1996
1 Complaint for Violation of the Securities Exchange Act of 1934 04/16/1997
2 Declaration Of Tor Gronborg In Support Of Plaintiffs' Motion To Be Appointed Co-Lead Plaintiffs Pursuant To §21D(a)(3)(B) Of The Securities Exchange Act Of 1934 And For Appointment Of Lead Plaintiffs' Lead Counsel 06/13/1997
3 Plaintiffs' Notice Of Motion And Motion, And Memorandum Of Points And Authorities In Support Of Motion To Be Appointed Lead Plaintiffs Pursuant To §21D(a)(3)(B) Of The Securities Exchange Act Of 1934 And For Appointment Of Lead Plaintiffs' Lead Counsel 06/13/1997
4 Notice of Joinder and Joinder of Joseph Takats, EJA Management LLC and Yair Tauman, Indifidually and on Behalf of Cale Consultants, Ltd in Plaintiffs' Motion to be Appointed Lead Plaintiffs Pursuant To §21D(a)(3)(B) Of The Securities Exchange Act Of 1934 And For Appointment Of Lead Plaintiffs' Lead Counsel 06/13/1997
In re YES! Entertainment Corp. Securities Litigation
DATE FILED: 08/06/1997
1 First Amended Consolidated Complaint for Violation of the Securities Exchange Act of 1934 11/10/1997
2 Declaration Of Tor Gronborg In Support Of Plaintiffs' Opposition To Defendants' Motion To Dismiss 04/02/1998
3 Plaintiffs' Opposition To Defendants' Motion To Dismiss 04/02/1998
4 Notice Of Motion And Motion And Memorandum Of Points And Authorities To Strike Defendant Donald D. Kingsborough's Declaration In Support Of Defendants' Motion To Dismiss 04/06/1998
5 Order 05/15/1998
6 Plaintiffs' Reply To Defendants' Opposition To Motion To Strike Defendant Donald D. Kingsborough's Declaration In Support Of Defendants' Motion To Dismiss 05/15/1998
7 Second Amended Consolidated Complaint For Damages Based Upon: (1) Violation Of The Securities Exchange Act Of 1934; (2) Violation Of Cal. Corp. Code §§25400 And 25500; (3) Violation Of Cal. Bus. & Prof. Code §§17200, Et Seq.; And (4) Violation Of Cal. Civ. Code §§1709-1710 07/08/1998
8 Notice Of Pendency And Proposed Settlement Of Class Actions 07/09/1998
9 Stipulation of Settlement 07/10/1998
10 Litigants 07/14/1998
11 CIVIL DOCKET FOR CASE #: 97-CV-1388 07/14/1998
12 Declaration Of Cheryl Washington Re: A) Mailing Of Notice Of Pendency And Proposed Settlement Of Class Actions And Proof Of Claim And Release; and B) Publication of Summary Notice 08/27/1998
13 Declaration Of Kirk B. Hulett 09/10/1998
14 Declaration Of Keith F. Park In Support Of (1) Final Approval Of Stipulation Of Settlement; (2) Plaintiffs' Counsel's Application For Award Of Attorneys' Fees And Reimbursement Of Expenses; And (3) Approval Of Plan Of Allocation 09/10/1998
15 Notice Of Motion And Memorandum In Support Of Motion For Approval Of Plan Of Allocation 09/10/1998
16 Final Judgment And Order Of Dismissal 09/10/1998
17 Declaration of Gary Garrigues in Support of Plaintiffs' Motion for Final Approval of Settlement 09/11/1998
18 Notice of Motion, Motion and Memorandum of Points and Authorities in Support of Plaintiffs' Motion for Final Approval of Settlement 09/11/1998
19 Notice Of Motion And Memorandum Of Law In Support Of Representative Class Plaintiffs' Application For Attorneys' Fees And Reimbursement Of Expenses 09/11/1998
20 U.S. District Court Civil Docket 09/24/1998
1 Complaint for Violations of: (1) Corporations Code §§25400 and 25500 (2) Civil Code §§1709, 1710 and 1711 (3) Business and Professions Code §17200 et seq. 04/15/1997
2 Complaint for Violation of the Securities Exchange Act of 1934 06/10/1997
3 Class Action Complaint - Jury Trial Demanded 06/27/1997
4 Litigants 07/13/1998
5 CIVIL DOCKET FOR CASE #: 97-CV-2185 07/13/1998
6 Litigants 08/27/1998
7 CIVIL DOCKET FOR CASE #: 97-CV-2429 08/27/1998