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1
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PROPOSED ORDER AWARDING ATTORNEYS FEES AND EXPENSES
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EXTRACTED KEY WORDS
COUNSEL FEES SETTLEMENT SAN DIEGO COURT EXPENSES CALIFORNIA REPRESENTATIVE PLAINTIFFS ATTORNEYS THEREON DECLARE AMOUNT LERACH LLP NORTHERN DISTRICT MATTER AWARD HEREBY STIPULATION SETTLEMENT FUND LITIGATION PAID OBLIGATIONS MILBERG WEISS BERSHAD HYNES ELLEN GUSIKOFF STEWART UNITED STATES DISTRICT LOCAL RULE RESIDENT COUNTY |
UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF CALIFORNIA
In re ADAC LABORATORIES )
SECURITIES ) Master File No. C-98-4934-MHP
LITIGATION )
____________________________________ ) CLASS ACTION
)
This Document Relates To: ) [PROPOSED] ORDER AWARDING
) ATTORNEYS' FEES AND EXPENSES
ALL ACTIONS. )
____________________________________ DATE: September 18, 2000
TIME: 2:00 p.m.
COURTROOM: The Honorable
Marilyn H. Patel
THIS MATTER having come before the Court on the application of Representative Plaintiffs'
Counsel for an award of attorneys' fees and reimbursement of expenses incurred; the Court,
having considered all papers filed and proceedings conducted herein, and otherwise being fully
informed in the premises and good cause appearing therefore, IT IS HEREBY ORDERED,
ADJUDGED AND DECREED that:
1. All of the capitalized terms used herein shall have the same meaning as set forth in the
Stipulation of Settlement dated as of January 11, 2000.
2. This Court has jurisdiction over the subject matter of this application and all matters relating
thereto, including all members of the class who have not timely and validly requested exclusion.
3. The Court hereby awards Representative Plaintiffs' Counsel attorneys' fees in the amount of
thirty percent (30%) of the Settlement Fund plus litigation expenses incurred in an aggregate
amount of $324,194.57 together with the interest earned thereon for the same period and at the
same rate as that earned on the Settlement Fund until paid. Said fees and expenses shall be
allocated among Representative Plaintiffs' Counsel by Plaintiffs' Settlement Counsel in a manner
which, in Plaintiffs' Settlement Counsel's good faith judgment, reflects each such Representative
Plaintiffs' Counsel's contribution to the institution, prosecution and resolution of the litigation.
The Court finds that the amount of fees awarded is fair and reasonable under the "percentage-of-
the-recovery" method.
4. The awarded attorneys' fees and expenses shall be paid to Plaintiffs' Settlement Counsel
immediately after the date this Order is executed subject to the terms, conditions and obligations
of the Stipulation and in particular ¶7.2 thereof, which terms, conditions and obligations are
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2
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PROPOSED ORDER APPROVING PLAN OF ALLOCATION
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EXTRACTED KEY WORDS
ALLOCATION PLAN COURT HEREBY SAN DIEGO APPROVING SETTLEMENT CLASS MEMBERS CALIFORNIA DECLARE ORDER APPROVING PROCEEDS LERACH LLP UNITED STATES THEREOF NORTHERN DISTRICT PLAINTIFFS STIPULATION PURSUANT MILBERG WEISS BERSHAD HYNES ELLEN GUSIKOFF STEWART WOLF POPPER LLP LESTER LEVY PATRICIA AVERY MICHAEL SCHWARTZ YORK CO-LEAD COUNSEL |
UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF CALIFORNIA
In re ADAC LABORATORIES ) Master File No. C-98-4934-MHP
SECURITIES )
LITIGATION ) CLASS ACTION
____________________________________ ) ) [PROPOSED] ORDER APPROVING
This Document Relates To: ) PLAN OF ALLOCATION
)
ALL ACTIONS. ) DATE: September 18, 2000
____________________________________ TIME: 2:00 p.m.
COURTROOM: The Honorable
Marilyn H. Patel
This matter having come before the Court on Representative Plaintiffs' application for approval
of the Plan of Allocation of net settlement proceeds in the above-captioned action; the Court
having considered all papers filed and proceedings had herein and otherwise being fully
informed in the premises;
IT IS HEREBY ORDERED, ADJUDGED AND DECREED that:
1. For purposes of this Order, the terms used herein shall have the meanings set forth in the
Stipulation of Settlement dated as of January 11, 2000 ("Stipulation").
2. Pursuant to and in full compliance with Rule 23 of the Federal Rules of Civil Procedure, this
Court hereby finds and concludes that due and adequate notice was directed to all Persons and
entities who are Settlement Class members advising them of the Plan of Allocation and of their
right to object thereto, and a full and fair opportunity was accorded to all Persons and entities
who are Settlement Class members to be heard with respect to the Plan of Allocation.
3. The Court hereby finds and concludes that the formula for the calculation of the Claims of
Authorized Claimants which is set forth in the Memorandum in Support of Approval of Plan of
Allocation, filed herewith, and in the Notice of Pendency and Settlement of Class Action and
Settlement Hearing ("Notice") sent to Settlement Class members, provides a fair and reasonable
basis upon which to allocate the proceeds of the Settlement Fund established by the Stipulation
among the Settlement Class members, with due consideration having been given to
administrative convenience and necessity. This Court hereby finds and concludes that the Plan of
Allocation set forth in the Notice is in all respects fair and reasonable and the Court hereby
approves the Plan of Allocation.
IT IS SO ORDERED.
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3
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PROPOSED FINAL JUDGMENT
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EXTRACTED KEY WORDS
SETTLEMENT CLASS MEMBERS STIPULATION DEFENDANTS COURT REPRESENTATIVE PLAINTIFFS JUDGEMENT PARTIES FEDERAL RULES CIVIL PROCEDURE DISTRIBUTION PURSUANT LITIGATION COUNSEL SAN DIEGO CALIFORNIA SETTLING PARTIES ADEQUATE CONTROLLING FOREVER RELINQUISH DISCHARGE EXECUTES DECLARE APPROVING HEREBY REQUESTED EXCLUSION LAW PROSECUTION |
UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF CALIFORNIA
In re ADAC LABORATORIES ) Master File No. C-98-4934-MHP
SECURITIES )
LITIGATION ) CLASS ACTION
___________________________________ ) ) [PROPOSED] FINAL JUDGMENT
This Document Relates To: ) AND ORDER OF DISMISSAL
)
ALL ACTIONS. ) DATE: September 18, 2000
___________________________________ ) TIME: 2:00 p.m.
COURTROOM: The Honorable
Marilyn H. Patel
This matter came on for hearing on September 18, 2000, upon the application of the Settling
Parties for approval of the settlement set forth in the Stipulation of Settlement dated as of
January 11, 2000 (the "Stipulation"). Due and adequate notice having been given to the
Settlement Class, and the Court having considered the Stipulation, all papers filed and
proceedings had herein and all oral and written comments received regarding the proposed
settlement, and having reviewed the entire record in the Action, and good cause appearing:
IT IS HEREBY ORDERED, ADJUDGED AND DECREED as follows:
1. The Court, for purposes of this Final Judgment and Order of Dismissal (the "Final Judgment"),
adopts all defined terms as set forth in the Stipulation.
2. Pursuant to Rule 23 of the Federal Rules of Civil Procedure, this Court has certified a
Settlement Class of all Persons who purchased ADAC common stock between January 10, 1996
and August 18, 1999, inclusive. Excluded from the Class are the Defendants named in the
Litigation, members of the immediate families of the Defendants, any entity in which any
Defendant has a controlling interest, and the legal representatives, heirs, successors, or assigns
the Defendants. Also excluded from the Settlement Class are those Persons (identified in Exhibit
1 hereto) who have timely and validly requested exclusion from the Settlement Class pursuant to
the Notice of Pendency and Settlement of Class Action and Settlement Hearing sent to the
Settlement Class.
3. With respect to the Settlement Class, this Court finds and concludes that: (a) the members of
the Class are so numerous that joinder of all Class members is impracticable; (b) there are
questions of law and fact common to the Class which predominate over any individual questions;
(c) the claims of the Representative Plaintiffs are typical of the claims of the Class; (d) the
Representative Plaintiffs and their counsel have fairly and adequately represented and protected
the interests of the Class members; and (e) a class action is superior to other available methods
for the fair and efficient adjudication of the controversy, considering: (i) the interests of the
members of the Class in individually controlling the prosecution of the separate actions, (ii) the
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4
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MEMO FOR APPLICATION FOR ATTORNEYS FEES AND REIMBURSEMENT OF EXPENSES
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EXTRACTED KEY WORDS
COMMON FUND ATTORNEYS AWARD EXPENSES PLAINTIFFS LITIGATION CLASS ACTION DISTRICT SETTLEMENT COURT LAWYERS LITIG REPRESENTATIONS COUNSEL MASTER FILE CALIFORNIA AWARDED FEES PLUS EXPENSES CONTINGENT FEE UNITED STATES PUBLIC POLICY CONSIDERATIONS COMPETENT SECURITIES CLASS ACTIONS AVERY DECLARATION COMPENSATION SUBSTANTIAL RISKS CLASS MEMBERS UNDERTAKE AFFILIATED UTE CITIZENS |
UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF CALIFORNIA
In re ADAC LABORATORIES ) Master File No. C-98-4934-MHP
SECURITIES LITIGATION )
_________________________________ ) CLASS ACTION
)
This Document Relates To: ) NOTICE OF MOTION AND
) MEMORANDUM OF POINTS
ALL ACTIONS. ) AND AUTHORITIES IN SUPPORT
_________________________________ ) OF PLAINTIFFS' APPLICATION
FOR ATTORNEYS' FEES AND
REIMBURSEMENT OF EXPENSES
DATE: September 18, 2000
TIME: 2:00 p.m.
COURTROOM: The Honorable
Marilyn H. Patel
TABLE OF CONTENTS
I. INTRODUCTION
II. HISTORY OF THE LITIGATION
III. AWARD OF ATTORNEYS' FEES
A. A Reasonable Percentage of the Fund Recovered Is the Appropriate Approach
to Awarding Attorneys' Fees in Common Fund Cases
B. Awarding a Percentage Fee of 30% of the Class Fund Created Has Become the
Common Practice in This District
C. Consideration of Relevant Factors Justify an Award of a 30% Fee in This Case
D. The Reaction of the Class Supports the Requested Award
IV. PUBLIC POLICY CONSIDERATIONS MANDATE THE AWARD OF ADEQUATE
FEES IN REPRESENTATIVE ACTIONS SO THAT COMPETENT AND EXPERIENCED
LAWYERS WILL UNDERTAKE SUCH REPRESENTATIONS
V. CLASS COUNSEL'S EXPENSES ARE REASONABLE AND WERE NECESSARILY
INCURRED TO ACHIEVE THE BENEFIT OBTAINED FOR THE CLASS
VI. CONCLUSION
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5
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DECLARATION OF PATRICIA I AVERY FOR APPROVAL PROPOSED CLASS ACTION SETTLEMENT
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EXTRACTED KEY WORDS
SETTLEMENT COUNSEL LITIGATION CLASS ACTION DEFENDANTS ADAC MEMBERS REVENUE FIRM SUPPORT MEDICAL SYSTEMS PURSUANT FEDERAL RULES FINANCIALS CLASS PERIOD WOLF POPPER LLP CALIFORNIA NET INCOME DECLARATION ADAC COMMON STOCK NORTHERN DISTRICT ACCOUNTING SETTLEMENT FUND SECURITIES MEDICAL SYSTEMS PRODUCTS PROSECUTION CIVIL PROCEDURE PLAINTIFFS ALLEGE SETTLEMENT NEGOTIATIONS |
MILBERG WEISS BERSHAD
HYNES & LERACH LLP
WILLIAM S. LERACH (68581)
KEITH F. PARK (54275)
ELLEN GUSIKOFF STEWART (144892)
600 West Broadway, Suite 1800
San Diego, CA 92101
Telephone: 619/231-1058
- and -
REED R. KATHREIN (139304)
JEFFREY W. LAWRENCE (166806)
KIMBERLY C. EPSTEIN (169012)
100 Pine Street, Suite 2600
San Francisco, CA 94111
Telephone: 415/288-4545
WOLF POPPER LLP
LESTER L. LEVY
PATRICIA I. AVERY
MICHAEL A. SCHWARTZ
845 Third Avenue
New York, NY 10022
Telephone: 212/759-4600
Co-Lead Counsel for Plaintiffs
UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF CALIFORNIA
In re ADAC LABORATORIES )
SECURITIES ) Master File No. C-98-4934-MHP
LITIGATION )
____________________________________ ) CLASS ACTION
)
This Document Relates To: ) DECLARATION OF PATRICIA I. AVERY IN
) SUPPORT OF FINAL APPROVAL OF THE
ALL ACTIONS. ) PROPOSED
____________________________________ CLASS ACTION SETTLEMENT AND
APPLICATION
FOR ATTORNEYS' FEES AND
REIMBURSEMENT
OF EXPENSES
DATE: September 18, 2000
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6
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CONSOLIDATED COMPLAINT
|
EXTRACTED KEY WORDS
DEFENDANTS ADAC NET INCOME GROWTH REPORT MEDICAL SYSTEMS EARNINGS CHARGE LABORATORY OPERATING FINANCIAL STATEMENTS CLASS PERIOD MARKET SALES COMMON STOCK VIOLATION SERVICE REVENUES GROSS PROFIT MARGIN INFORMATION SYSTEMS DEFENDANT ECKERT NUCLEAR MEDICINE CHIEF EXECUTIVE OFFICER INDIVIDUAL DEFENDANTS FEDERAL SECURITIES LAWS DEFENDANT SIMONE ACCEPTED ACCOUNTING PRINCIPLES MANAGEMENT PLAINTIFFS GAAP |
UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF CALIFORNIA
) Master File No.
In re ADAC LABORATORIES SECURITIES ) C-98-4934-MHP
LITIGATION )
_______________________________________ ) CLASS ACTION
)
This Document Relates To: ) CONSOLIDATED COMPLAINT
)
ALL ACTIONS. ) Plaintiffs Demand A
_______________________________________ ) Trial By Jury _____
NATURE OF THE ACTION
1. Plaintiffs bring this action as a class action on behalf of a class consisting of plaintiffs and
other persons or entities who purchased the common stock of defendant ADAC Laboratories
("ADAC" or the "Company") during the period January 10, 1996 through December 28, 1998,
inclusive ("Class Period") who were damaged by defendants' violations of the federal securities
laws.
2. During the Class Period, defendants reported 16 consecutive quarters of record growth.
Unbeknownst to the market, however, the Company's highly impressive results were the result of
defendants' scheme and course of conduct whereby they caused the Company to report
materially inflated revenues, operating income, net income, and earnings per share for fiscal
1996, 1997 and 1998, and every quarter therein, inflating, among other line items, net income
(excluding special charges) by 233%, 59% and 64% in 1996, 1997 and 1998, respectively. The
following table illustrates the extent of defendants' misstatements.
Restatement of Revenue and Net Income (excluding special charges) (in thousands):
Revenues:
As reported
As restated
Difference
% Overstated
Net income:
As reported
As restated
Difference
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