Akerman Senterfitt Successfully Defends Medical Manager Corporation Against Y2K Securities Class Action SuitFirst-Ever Y2K Securities Case in the Country Dismissal Affirmed in 17-Page Ruling
PR NEWSWIRE - April 10, 2001 14:27
TAMPA, Fla. and MIAMI, Apr 10, 2001 /PRNewswire via COMTEX/ -- The U.S. Court of Appeals, Eleventh Circuit, in a March 30, 2001 decision, upheld an earlier decision dismissing a securities class action against Medical Manager Corporation and its directors and officers. The company was acquired by WebMD (Nasdaq: HLTH) in 2000. The action, originally brought in the fall of 1998 on behalf of investors who claimed the company failed in its prospectus to adequately disclose information about Y2K compliance issues, was originally dismissed in January of 2000. It was the first Y2K securities case in the country. The affirmation closes the case.
"It is gratifying to see the conclusion of this case, and the acknowledgement that Medical Manager Corporation did, in fact, provide enough information for an investor to evaluate risks involved with investing," said Larry Silverman, a shareholder with Akerman Senterfitt, who represented Medical Manager.
The Judge agreed with the earlier ruling that Medical Manager made forward-looking statements in the company prospectus that were protected by the Private Securities Litigation Reform Act.
Steve Hartz, Larry Silverman and Chris Carver of Akerman Senterfitt's Miami office represented Medical Manager in the two-and-a-half year legal battle. "The Court granted a clean win," said Hartz. "It also granted our cross-appeal and is remanding the case to the District solely to determine whether the case should be deemed frivolous under Rule 11 of the Federal Rules of Civil Procedure. We are, of course, delighted with the decision."
The New York firm of Abbey, Gardy & Squitieri, and the Tampa law firm of Alpert, Barker & Rodems represented the plaintiffs.
A copy of the decision may be viewed at laws.lp.findlaw.com
Akerman Senterfitt: Founded in 1920, with more than 340 attorneys, Akerman Senterfitt is one of Florida's leading law firms. |
