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Teachers Retirement System of Louisiana, et al.
v. A.C.L.N. Limited, et al.
(United States District Court for the
Southern District of New York)
Securities fraud class action filed on behalf of all
purchasers of A.C.L.N. Limited ("ACLN") common stock on the New York Stock Exchange or
other U.S. Exchanges during the period June 29, 2000 through and including March 18,
2002 (the "Class Period"). BLB&G client the Teachers' Retirement System of Louisiana
was appointed Lead Plaintiff and class representative for the certified Class, and
BLB&G was appointed Lead Counsel for the Class.
The Complaint in this action alleges, among other things,
that during the Class Period, the ACLN defendants, i.e. the company and certain of its officers
and directors, made a series of materially false and misleading statements regarding ACLN's
growth and financial performance and defendants BDO International, BDO International
Accountants & Consultants (Cyprus), BDO Seidman, LLP, and BDO International B.V. issued
materially false audit reports on ACLN's consolidated financial statements. The Complaint alleges
that as a result of defendants' dissemination of the allegedly false and misleading statements
during the Class Period, the market price of ACLN's common stock was artificially inflated,
thereby causing damage to Class Members.
THE FINAL SETTLEMENT IN THE ACTION HAS BEEN ACHIEVED AND
PROOF OF CLAIM FORMS ARE NOW AVAILABLE.
Lead Plaintiff, as representative of the Class, has settled with
all of the defendants in the Action. A partial settlement of the action with the ACLN defendants
for $5.5 million in cash was approved by the Court on May 14, 2004. The Notice of Pendency of
Class Action, Hearing on Proposed Partial Settlement and Attorneys' Fee Petition and Right to Share
in Settlement Fund dated February 18, 2004 (the "February Notice"), disseminated in connection with
that settlement, describes the history of the action and the terms of the $5.5 million settlement
with the ACLN Defendants. A copy of the February Notice can be downloaded by clicking on the link below.
A second partial settlement of the action for $6.75 million cash was
achieved with defendants BDO International B.V. ("BDO B.V.") and BDO International Accountants &
Consultants (Cyprus) ("BDO Cyprus"). The Court approved this settlement on October 20, 2004. The
Notice of Proposed Partial Settlement of Action and Attorneys' Fee Petition dated August 23,
2004 (the "August Notice"), disseminated in connection with that settlement, describes the terms
of $6.75 million settlement with BDO B.V. and BDO Cyprus. A copy of the August Notice can be
downloaded by clicking on the link below.
The final settlement of the action was achieved with the last
remaining defendant BDO Seidman, LLP for $3.25 million cash. The Court will hold a hearing on February 14, 2006
to determine (i) whether the proposed settlement should be approved, (ii) whether the proposed Plan of
Allocation of the proceeds of all the settlements in the Action should be approved; and (iii) whether
Lead Counsel's application for attorneys' fees and expenses should be approved. The terms of this
proposed settlement, the proposed Plan of Allocation, the rights of Class Members, and important
deadlines are set forth in the Notice of Proposed Final Settlement of Action, Attorneys' Fee
Petition and Right to Share in Settlement Fund dated November 10, 2005 (the "November Notice"). The
mailing of the November Notice together with the Proof of Claim Form to Class Members begins on December
1, 2005. Copies of the November Notice and the Proof of Claim Form can also be downloaded by clicking on
the links below.
Notice of Pendency of
Class Action, Hearing on Proposed Partial Settlement and Attorneys' Fee Petition
and Right to Share in Settlement Fund (February Notice)
Notice of Proposed Partial
Settlement of Action and Attorneys' Fee Petition (August Notice)
Notice of Proposed
Final Settlement of Action, Attorneys' Fee Petition and Right to Share in Settlement Fund (November Notice)
Revision to
Plan of Allocation Contained in Notice of Proposed Final Settlement of Action, Attorneys' Fee Petition and Right
to Share in Settlement Fund (January 2006)
Proof of Claim Form
PLEASE NOTE: PROOF OF CLAIM FORMS MUST BE POSTMARKED NO LATER THAN MARCH 31, 2006.
Firm partner
Jeffrey Leibell, Senior Counsel
Rochelle Feder Hansen, and associate
Eric Kanefsky are responsible for
prosecuting this action.
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