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1
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PLAINTIFFS BRIEF IN SUPPORT OF PROPOSED CLASS ACTION SETTLEMENT
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EXTRACTED KEY WORDS
LIGHTPATH PLAINTIFFS REPRESENTATIVES SETTLEMENT DELAWARE OBJECTION STOCK OBJECTOR DEFENDANTS PURSUANT TEXAS PLAINTIFFS DEL LITIGATION CHANCERY STOCKHOLDERS SUPPORT PROPOSED CLASS CHANCERY RULE COMMON STOCK CLASS MEMBERS SHAREHOLDERS MONEY DAMAGES RECAPITALIZATION BARRETT OPPOSITION LIGHT PATH INVESTORS IPO OBJECTOR CONTENDS |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
_________________________________I______-------"-------~-~----- X
LIGHTPATH TECHNOLOGIES, INC., C.A. No. 18021 NC
Plaintiff,
V.
LOUIS G. LEEBURG, WILLIAM
LEEBURG and DONALD E.
LAWSON, as representatives
of a class of ALL CLASS E STOCKHOLDERS
OF LIGHTPATH TECHNOLOGIES, INC.,
Defendants,
and
MICHAEL J. REARDON, ALBERT E.
RAIZNER, JOHN ABUKHALIL, RICHARD
A. GOLDFARD, MILTON NIRKEN, OSAMA
MIKHAIL, WELDON GUEST, MORDECHAJ
BLANKFELD, HERMAN LAPIN, JAMES T.
FOX, NORMAN RAPPAPORT, MARK
BERGER, CAROL SUE FINKELSTEIN,
GREGARIO CASAR, RANDOLPH W. EVANS,
MARTIN BARRASH, RICHARD M.
BARRETT, M.D.P.A., DANIEL BARRETT,
CYNTHIA A. BARRETT, ROBERT GORDON,
as Trustee of ALAN J. and SHERRI
GORDON EISENMAN FAMILY TRUST, and
LARRY I. LIPSHULTZ,
Additional Defendants.
________________-------~---------~----~----~-----------"-"----- X
PLAINTIFF'S BRIEF IN SUPPORT OF THE PROPOSED CLASS ACTION
SETTLEMENT AND IN OPPOSITION TO THE OBJECTION OF HAROLD L. HARRIS
PRELIMINARY STATEMENT
Plaintiff LightPath submits this brief in support of the
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2
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DEFENDANTS MEMORANDUM IN SUPPORT OF CLASS ACTION SETTLEMENT
|
EXTRACTED KEY WORDS
PLAINTIFFS COURT SETTLEMENT DEL LIGHTPATH FEES SUPR SHARES SHAREHOLDERS TEXAS PLAINTIFFS STOCKHOLDERS DELAWARE ATTORNEYS EXPENSES REASONABLENESS LITIGATION OBJECTOR COMPLAINT CHANCERY REPRESENTATIVES EVIDENCE DIRECTORS ROBERT GORDON FAMILY TRUST REDEMPTION OFFICERS ISSUANCE ACCORDING LIGHTPATH TECHNOLOGIES |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
1N AND FOR NEW CASTLE COUNTY
LIGHTPATH TECHNOLOGIES, INC.,
i
Plaintiff,
;
V. C.A. No.: 18021
i
LOUIS G. LEEBURG, WILLIAM LEEBURG and DONALD )
E. LAWSON, as representatives of a class of ALL CLASS E )
STOCKHOLDERS OF LIGHTPATH TECHNOLOGIES, INC., )>
Defendants,
i
and .
; r `,
MICHAEL J. REARDON, ALBERT E. R&IZNER, JOHN 1.
ABLKHALIL, RICHARD A. GOLDFrUIB, MILTON NZRKEN, )
OSAMA MIKHAIL,WELDON GUEST, MORDECHAJ 1
.'
BLANKFELD, HERMAN LAPIN, JAMES T. FOX, NORMAN >
RAPPAPORT, MARK BERGER, CAROL SUE FINKELSTEIN, )
GREGARIO CASAR, RANDOLPH W. EVANS, MARTIN )
:
BARRASH, RICHARD M. BARRETT, M.D. P.A., DANIEL )
: .:
BARRETT, CYNTHIA A, BARRETT, ROBERT GORDON, as >
Trustee of AL-AN J. and SHERRI GORDON EISENMAN 1
FAMILY TRUST, and LARRY I. LIPSHULTZ,
i
Additional Defendants. )
DEFENDANTS' MEMORANDUM IN SUPPORT OF
CLASS ACTION SETTLEMENT AND AWARD OF ATTORNEYS' FEES
BIGGS AND BATTAGLIA
Victor F. Battaglia, Sr. (ID No. 156)
Robert D. Goldberg [ID No. 63 1)
1800 Mellon Bank Center
Wilmington DE 19899
(302) 655-9677
Date: January 4,200 1 Attorneys for Defendants
SNIPPETS:
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3
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OBJECTION OF H. HARRIS TO PROPOSED CLASS CERTIFICATION AND SETTLEMENT
|
EXTRACTED KEY WORDS
LIGHTPATH REPRESENTATIVES COURT PLAINTIFFS SETTLEMENT DEFENDANT DELAWARE STOCKHOLDERS CERTIFICATION DEL OBJECTOR LEEBURG DIRECTORS CLASS MEMBERS CIR FIDUCIARY DUTY LIGHTPATH TECHNOLOGIES SHAREHOLDERS COMPLAINT MONETARY DAMAGES WILLIAM LEEBURG OBJECTION FIRST CITY TOWER ABSENT CLASS LITIGATION DECLARATORY JUDGMENT MONEY DAMAGES CLASS NOTICE ATTORNEYS |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND :FOR NEW CASTLE COUNTY
LIGHTPATH TECHNOLOGIES, INC.,
Plaintiff,
V.
LOUIS G. LEEBURG, WILLIAM
LEEBURG and DONALD E. LAWSON,
as representatives of a class of ALL
CLASS E STOCKHOLDERS OF
LIGHTPATH TECHNOLOGIES, INC.,
Defendants.
OBJECTION OF HAROILD L. HARRIS TO THE: PROPOSED CLASS
CERTIFICATION AND SETTLEMENT
PRICKETT, JONE:S & ELLIOTT
Bruce E. Jameson (DE Bar No. 2931)
1310 King Street
P.O. Box 1328
Wilmington, DE 19899
TEL: (302) 888-6500
FAX: (302) 6513-8111
Attorneys for Objector
OF COUNSEL:
VINSON & ELKINS LLP
Adam P. Schiffer
Charles W. Schwartz
Jeffrey L. Raizner
2300 First City Tower
1001 Fannin
Houston. Texas 77002-6760
DATE: December 21, 2000
TABLE OF CONTENTS
Page
TABLE OF CONTENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
SNIPPETS:
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4
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STIPULAITON OF SETTLEMENT
|
EXTRACTED KEY WORDS
SETTLEMENT STOCK COURT JUDGEMENT AGREEMENT DEFENDANTS DECLARATORY JUDGMENT TEXAS EXHIBIT CLASS MEMBERS STOCKHOLDERS APPROVING LITIGATION ATTORNEYS CHANCERY DELAWARE DIRECTORS PARTIES HERETO FEE LITIGATION COMMITTEE LEEBURG COMMON STOCK PLAINTIFFS HOLDERS DETERMINATION RESTRUCTURING PARTY FEE AWARD |
i h
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE '
IN AND FOR NEW CASTLE COUNTY
---x
LIGHTPATH TECHNOLOGIES, INC.,
Plaintiff,
C.A. No. 18021 NC
V .
LOUIS G. LEEBURG, WILLIAM
LEEBURG and DONALD E.
LAWSON, as representatives
of a class of ALL CLASS E:
STOCKHOLDERS OF LIGHTPATH
TECHNOLOGIES, INC.,
Defendants,
and
MICHAEL J. REARDON, ALBERT E.
RAIZNER, JOHN ABUKHALIL, RICHARD :
A. GOLDFARB, MILTON NIRKEN, OSAMA :
MIKHAIL, WELDON GUEST, MORDECHAJ :
BLANKFELD, HERMAN LAPIN, JAMES '1'. :
FOX, NORMAN RAPPAPORT, MARK
BERGER, CAROL SUE FINKELSTEIN
GREGARIO CASAR, RANDOLPH W. EVANS, :
MARTIN BARRASH, RICHARD M.
BARRETT, M.D. P.A., DANIEL BARRETT,:
CYNTHIA A. BARRETT, ROBERT GORDON, :
as Trustee of ALAN J. and SHERRI :
GORDON EISENMAN FAMILY TRUST, and :
LARRY I. LIPSHULTZ,
Additional Defendants.
____---__------_---------.---------- s
STIPULATION OF SETTLEMENT
THIS STIPULATION OF SETTLEMENT ("Settlement" or
lzSettlement Agreement"), made as of November 18 , 2000, is entered
into, subject to preliminary and final approval by the Delaware
Court 0 " Chancery, between (i) LightPath Technologies, Inc.
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5
.
PLAINTIFFS POST-TRIAL REPLY BRIEF ON THE ISSUE OF REDEMPTION FO CLASS E STOCK
|
EXTRACTED KEY WORDS
SHARES DEL REDEMPTION MEETING SHAREHOLDERS REDEEM CONVERSION PROPOSED AMENDMENT DEFENDANTS EXTEND CLASS E-2 CERTIFICATE TCG SECURITIES PROXY ANNUAL MEETING REASON EXTENSION VOTE PRIOR PURPOSE BARRETT SOUTHERN UNION CLASS E-L AUTHORITIES DECLARATORY JUDGMENT DIRECTING EVIDENCE INTENT CLASS E-3 |
4) *i
0 I\
i /
IN THE COUR'I OF CHANCERY OF THE STATE OF DELAWARE ~ ' x
IN AND FOR NEW CASTLE COUNTY
LIGHTPATH TECHNOLOGIES, INC., )
Plaintiff,
v. C.A. No. 18021 NC
LOUIS C. LEEBURG, WILLIAM LEEBURG )
and DONALD E. -LAWSON, as 1
representatives of a class of 1
ALL CLASS E STOCKHOLDERS OF )
LIGHTPATH TECHNOLOGIES, INC., )
Defendants, )
and
M I C H A E L J. REARDON, ALBERT E. )
RAIZNER, JOHN ABUKHALIL, RICHARD )
A. GOLDFARB, MILTON NIRKEN, OSAMA ) * I
MIKHAIL, WELDON GUEST, MORDECHAI ) < .-.
c->
BLANKFELD, HERMAN LAPIN, JAMES T. )
FOX, NORMAN RAPPAPORT, MARK )
BERGER; CAROL SUE FINKELSTEIN, )
GREGARIO CASAR, RANDOLPH W. EVANS, )
MARTIN BARRASH, RICHARD M. )
BARRETT, M.D. P.A., DANIEL BARRETT,)
CYNTHIA A. BARRETT, ROBERT GORDON, )
as Trustee of ALAN c-. and SHERRI )
GORDON EISENMAN FAMILY TRUST, and )
LARRY L. LIPSHULTZ, )
Additional. Defendants. )
PLAINTIFF'S POST-TRIAL REPLY BRIEF ON THE ISSUE
OF THE REDEMPTION OF THE CLASS E STOCK
.~---
Grover C. Brown
Gordon, Fournaris & Mamrrarella, P.A.
1220 Market Street Building
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6
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DEFENDANTS ANSWERING BRIEF
|
EXTRACTED KEY WORDS
SHARES COURT SHAREHOLDERS LIGHTPATH STOCK DELAWARE DEFENDANTS VOTE CERTIFICATE REDEMPTION DEL VOTING STOCKHOLDERS MEETING AMENDMENT CONVERSION COMMON STOCK E-3 SHARES CHANCERY LIGHTPATH TECHNOLOGIES BARRETT INCORPORATION MILESTONES EXTENSION ANNUAL MEETING DESIGNATIONS REPRESENTATIVES RICHARD SHERRI GORDON EISENMAN |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
rN Ah:, FOR NEW CASTLE COUNTY
LIGHTPATH TECHNOLOGIES, INC.,
Plaintiff,
;
V. C.A. h'o.: 18021
i
LOUIS G. LEEBURG, WILL.IAM ) .,
LEEBURG and DONALD E. LAWSON,
as representatives of a class
ofALL CLASS E STOCKHOLDERS
OF LIGHTPATH TECHNOLOGIES, INC., ._
.
.-
Defendants, I..
and
MICHAEL J. REARDON, ALBERT E.
RAIZNER, JOHN ABUKHA:LIL, RICHARD
A. GOLDFARB, MILTON NlRKEN, OSAMA
MIKHAIL, WELDON GUEST, MORDECHAI
BLANKFELD, HERMAN LAPlN, JAMES T.
FOX, NORMAN RAPPAPORT, MARK
BERGER, CAROL SUE FINKELSTEIN,
GREGARIO CASAR, RANDOLPH W. EVANS,
M.4RTIN BARRASH, RICHARD M.
BARRETT, M.D. P.A., DANIEL BARRETT,
CYNTHIA A. BARRETT, ROBERT GORDON,
as Trustee of ALAN J. and SHERRI
GORDON EISENMAN FAMILY `TRUST, and
LARRY I. LIPSHULTZ,
Additional Defendants.
DEFENDANTS ' ANSWERING BRIEF
BIGGS AND BATTAGLIA
Robert D. Goldberg (ID No. 63 1)
1800 Mellon Bank Center
P.O. Box 1489
Wilmington, DIE 19899
(302) 655-967:'
Date: September 29, 2000 Attorney for Defendants
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7
.
PLAINTIFFS POST-TRIAL BRIEF ON THE ISSUE OF REDEMPTION OF CLASS E STOCK
|
EXTRACTED KEY WORDS
REDEMPTION SHARES CERTIFICATE SHAREHOLDERS CLASS E-2 CLASS E-3 FACTS AMENDMENT CLASS E-L LIGHTPATH COMMON STOCK DEL CONVERSION BLAIR DESIGNATIONS INCORPORATION DEFENDANTS FARM INDUSTRIES EVIDENCE PROXY STATEMENT MANAGEMENT BARRETT WAQQONER ANNUAL MEETING PUBLIC OFFERING PROPOSED AMENDMENT CONVERSION GOALS EXTENSION UNDERWRITER |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE A7
IN AND FOR NEW CASTLE COUNTY
LIGHTPATH TECHNOLOGIES, INC., )
Plaintiff,
V . C.A. No. 18021 NC
)
LOUIS G.. LEEBURG, WILLIAM LEEBURG )
and DONALD E. LAWSON, as )
representatives of a class of )
ALL CLASS E STOCKHOLDERS OF )
LIGHTPATH TECHNOLOGIES, INC., ))
Defendants, ))
and 1
MICHAEL J. REARDON, ALBE:RT E.
RAIZNER, JOHN ABUKHALIL, RICHARD )
A. GOLDFARB, MILTON NIRKEN, OSAMA )
MIKHAIL, WELDON GUEST, MORDECHAJ )
BLANKFE:LD, HERMAN LAPIN, JAMES T. )
FOX, NORMAN RAPPAPORT, MARK )
BERGER, CAROL SUE FINKELSTEIN, )
GREGARIO CASAR, RANDOLPH W. EVANS, )
MARTIN BARRASH, RICHARD M. )
BARRETT, M.D. P.A., DAN:IEL BARRETT,)
CYNTHIA A. BARRETT, ROBERT GORDON, )
as Trustee of ALAN J. and SHERRI )
GORDON EISENMAN FAMILY TRUST, and )
LARRY I. LIPSHULTZ, ))
Additional Defendants. )
PLAINTIFF'S POST-TRIAL BRIEF ON THE ISSUE
OF THE REDEMPTION OF THE CLASS E STOCK
Grover C. Brown
Gordon, Fournaris & Mammarella, P.A.
1220 Market Street Building
Suite 700
P.O. Box 1355
Wilmington, DE 19899-1355
(302) 652-2900
Dated: September 22, 2000
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8
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PLAINTIFFS BRIEF IN SUPPORT OF MOTION
|
EXTRACTED KEY WORDS
STOCK LIGHTPATH COURT REPRESENTATIVES CERTIFICATION RECAPITALIZATION PLAINTIFFS STOCKHOLDERS DECLARATORY COMPLAINT TEXAS VOTE COMMON FINANCE DELAWARE PURSUANT NUMEROSITY MEMBERS MOTION DECLARATORY JUDGMENT AMENDED COMPLAINT FINANCIAL TARGETS LAW ANNUAL MEETING VALIDITY REDEEM PREREQUISITES SATISFY DEL |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
.IN AND FOR NEW CASTLE COUNTY
------ X
LIGHTPATH TECHNOLOGIEZS, INC.,
Plaintiff, C.A. No. 18021 NC
V .
LOUIS G. LEEBURG, WILLIAM
LEEBURG and DONALD E..
LAWSON, as representatives
of a c:Lass of ALL CLASS E
STOCKHOLDERS OF LIGHTPATH
TECHNOLOGIES, INC.,
Defendants,
and
MICHAEL J. REARDON, ALBERT E.
RAIZNER, JOHN ABUKHALIL, RICHARD :
A. GOLD.FARB, MILTON NIRKEN, OSAMA :
MIKHAIL, WELDON GUEST, MORDECHAJ :
BLANKFE:LD, HERMAN LAI?IN, JAMES T. :
FOX, NO:RMAN RAPPAPORT, MARK
BERGER, CAROL SUE FINKELSTEIN,
GREGARIO CASAR, RANDOLPH W. EVANS, :
MARTIN .BARRASH, RICHARD M. BARRETT,:
MD., F.A., DANIEL ESARRETT, CYNTHIA :
A. BARRETT, ROBERT GORDON, as
Trustee to the ALAN J. and SHERYL :
GORDON EISENMAN FAMILY TRUST, and :
LARRY LIPSHULTZ,
Additional Defendants.
__--..----___---.-- _____. -_------------- ;
PL,AINTIFF'S BRIEF IN SUPPORT
OF ITS MOT'ION FOR CLASS ACTION DETERMINATION
PRELIMINARY STATEMENT
Plaintiff LightPath Technologies, Inc. ("LightPath" or
the "Company") submits this brief in support of its motion for an
order pursuant to Chancery Court Rule 23(b) (l)(A) and (b) (2),
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9
.
AMENDED AND SUPPLEMENTAL CLAS ACTION COMPLAINT
|
EXTRACTED KEY WORDS
STOCKHOLDERS LIGHTPATH COMMON STOCK DEFENDANTS COURT SHARES HOLDERS TARGETS LEEBURG DONALD LAWSON REPRESENTATIVES BARRETT TEXAS DELAWARE RIGHTS CONVERSION TARGETS CHANCERY FINANCIAL TARGETS LIGHTPATH TECHNOLOGIES ROBERT GORDON ACTION COMPLAINT DECLARATORY JUDGMENT CLASS E-L STOCK CLASS E-2 CERTIFICATE MINIMUM PRETAX INCOME REDEMPTION PRICE BUSINESS |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
___-___-_------------- X
LIGHTPATH TECHNOLOGIES, INC.,
Plaintiff, C.A. No. 18021 NC
V .
LOUIS G. LEEBIJRG, WILLIAM
LEEBURG and DONALD E.
LAWSON, as representatives
of a class of ALL CLASS E
STOCKHOLDERS OF LIGHTPATH
TECHNOLOGIES, INC.,
Defendants,
and
MICHAEL J. REARDON, ALBERT E. --!
RAIZNER, JOHN ABUKHALIL, RICHARD : -,
A. GOLDFARB, MI:LTON NIRKEN, OSAMA : ; .
MIKHAIL, WELDON GUEST, MORDECHAJ : : '
_. c_
BLANKFELD, HERMAN LAPIN, JAMES T. : ..,
FOX, NORMAN RAPPAPORT, MARK
BERGER, CAROL SlJE FINKELSTEIN,
GREGARIO CASAR, RANDOLPH W. EVANS, :
MARTIN BARMSH, RICHARD M.
BARRETT, M.D.P.A., DANIEL BARRETT, :
CYNTHIA A. BARRETT, ROBERT GORDON, :
as Trustee of A:LAN J. and SHERRI :
GORDON EISENMAN FAMILY TRUST, and :
LARRY I. LIPSHU:LTZ,
Additional Defendants.
______----------------------------- ;
AMENDED AXD SUPPLEMENTAL CLASS ACTION COMPLAINT
Plaintiff LightPath Technologies, Inc. ("LightPath"
or "the Company") for its complaint herein, alleges:
1. 'This is an action for a declaratory judgment
determining the rights and obligations of LightPath and the
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10
.
COMPLAINT
|
EXTRACTED KEY WORDS
SHARES CONVERSION TARGETS PRICE COMMON STOCK STOCKHOLDERS CERTIFICATE CLASS E-L CLASS E-2 REDEEM MINIMUM PRETAX INCOME DESIGNATIONS CLASS E-3 MERGER DEFENDANTS OUTSTANDING VOTING MEETING REDEMPTION PRICE OFFERING IPO LAWSON HOLDERS MANAGEMENT PRIOR BID PRICE DONALD DIRECTORS MEMBERS |
IN THEaCOURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
------------------------------ X:
LIGHTPATH TECHNOLOGIES, INC., ::
Plaintiff,
:
-v.- : C.A. No.
:
LOUIS G. LEEBURG, WILLIAM :
LEEBURG and DONALD E. :
LAWSON, as representatives :
of a class of ALL CLASS E :
STOCKHOLDERS OF LIGHTPATH :
TECHNOLOGIES, INC., ::
Defendants.
_----------------------------- 4
Plaintiff LightPath Technologies, Inc. ("LightPath") for
its complaint herein, alleges:
1. This is an action for a declaratory judgment
determining the rights and obligations of LightPath and the holders
of its Class E common Stock. As described below, a genuine dispute
exists between certain of the Class E stockholders and the Company
concerning those rights and obligations.
2. Plaintiff is a Delaware corporation with headquarters
in Albuquerque, New Mexico. It has outstanding approximately 15
million shares of Class A stock, 1.5 million shares of Class E-l
stock, 1.5 million shares of Class E-2 stock, 1 million shares of
Class E-3 stock, and various other classes of stock. The Class A
stock is listed on the NASDAQ small cap market system.
3. Plaintiff produces GRADIUM@ glass lenses, collimator
products and other optical component products for the
telecommunications market. GRADIUM glass is an optical quality
glass material with varying refractive indices, capable of reducing
optical aberrations inherent in conventional lenses and performing
with a single lens tasks traditionally performed by multi-element
conventional lens systems. This is a process newly discovered by
the Company, that was in the developmental stage until 1997. Until
its initial public offering (the "IPO") in 1996, the Company had
financed its operations through the private offerings of
securities, and through borrowings.
4. Defendants Louis G. Leeburg, William Leeburg and
Donald E. Lawson are holders of Class E stock. Louis G. Leeburg
owns 7,272 Class E shares and is the Senior Financial Advisor of
the John E. Fetzer Institute, Inc., which owns 473,789 Class E
shares; William Leeburg owns or controls 21,816 Class E shares; and
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