Adelphia Communications Corp. Investor Files Lawsuit

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Company Name(s): 
Adelphia
Case Name: 
Adelphia Shareholder Class Action
Case Status: 
Settlement Approved
Case Status: 
Case Dismissed
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
12/22/2003
Class Period Begin: 
08/16/1999
Class Period End: 
06/10/2002
Court of Filing: 
U.S. District Court for the Southern District of New York
Settlement Amount: 
$460,000,000
Deadline to Participate in Settlement: 
10/08/2010
Summary: 

December 10, 2014 - The court granted in part and denied in part defendants' motion for summary judgement and dismissed all claims except for one defendants' claims. Those claims must take place in the Pennsylvania Court of Common Pleas of Philadelphia County.

March 27, 2014 - The plaintiffs filed a second amended complaint of a particular case.

December 27, 2013 - The court denied in part and granted in part the motion to dismiss filed on July 8, 2013.

November 1, 2013 - The court issued a final judgment and dismissal with prejudice of an associated case.

September 23, 2013 - The court having been advised that all claims asserted in the remaining cases have been settled, it is ordered that the actions be and are hereby dismissed and discontinued without costs, and without prejudice to the right to reopen the actions within thirty (30) days if the settlements are not consummated.

September 16, 2013 - Parties filed notices of dismissal of many defendants with prejudice.

July 8, 2013 - The defendants filed a motion to dismiss the amended complaint filed on June 7, 2013.

June 24, 2013 - The court preliminarily approved the final settlement in an associated case.

June 7, 2013 - Defendants filed another amended complaint.

May 23, 2013 - Parties filed a stipulation of settlement in some associated cases.

May 22, 2013 - A plaintiff filed a notice of voluntary dismissal without prejudice against a few individual defendants.

May 7, 2013 - The court issued an order that any pending motion to dismiss filed in these cases is hereby denied without prejudice.

January 30, 2013 - Parties filed a stipulation dismissing a few defendants with prejudice in a particular case.

January 2, 2013 - Parties filed stipulations of dismissal with prejudice in a few particular cases.

December 26, 2012 - Parties filed a stipulation of dismissal with prejudice in a particular case.

December 6, 2012 - Defendants filed a motion to dismiss.

October 2, 2012 - The court granted the motion to dismiss of the defendants without leave to appeal.

August 24, 2012 - Parties filed stipulations of dismissal with prejudice in a few particular cases.

May 8, 2012 - Parties filed a stipulation dismissing a few defendants with prejudice in a particular case.

March 23, 2012 - The court ordered the authorization of the distribution of the net settlement fund.

March 8, 2012 - Defendants filed a motion to dismiss.

February 14, 2012 - Defendants filed a motion to dismiss.

February 3, 2012 - Defendants filed a motion to dismiss.

January 5, 2012 - A plaintiff filed a notice of voluntarily dismissal without prejudice in a particular case.

December 28, 2011 - The plaintiffs filed a second amended complaint.

December 21, 2011 - The court granted in part and denied in part one of the previous motions to dismiss.

December 5, 2011 - Parties filed a stipulation of dismissal with prejudice in a few particular cases.

November 4, 2011 - Count XIII of the amended complaint is dismissed, without leave to replead. Counts VIII, IX and XIII are dismissed, Counts VIII and IX with leave to replead, Count XIII without leave to replead.

September 27, 2011 - Parties filed a stipulation of dismissal with prejudice in a particular case.

September 21, 2011 - The court issued a final judgment and order of dismissal with prejudice, dismissing all counts and claims against the Released Persons with prejudice and without cost.

July 18, 2011 - Parties filed a stipulation of dismissal with prejudice in a few particular cases.

August 31, 2010 - The plaintiff's claims are dismissed, with leave to replead Count I and Count II.

June 24, 2010 - Parties filed a stipulation of dismissal with prejudice in a particular case.

January 20, 2010 - The court preliminarily approved a final settlement.

December 12, 2009 - The court denied the defendants' motions to dismiss as to Count II of the multi-district complaint.

September 16, 2009 - Parties filed a stipulation of dismissal with prejudice in a particular case.

August 5, 2009 - The court denied two of the defendants' motions to dismiss.

April 15, 2008 - Parties filed a stipulation of dismissal without prejudice in a particular case.

April 10, 2008 - Parties filed a stipulation of dismissal with prejudice in a particular case.

April 9, 2008 - Parties filed a stipulation of dismissal with prejudice in a particular case.

March 31, 2008 - Parties filed a stipulation of dismissal with prejudice in a particular case and a stipulation of dismissal without prejudice in a few other cases.

March 13, 2008 - Parties filed a stipulation of dismissal with prejudice in a particular case.

September 24, 2007 - Parties filed a stipulation of dismissal without prejudice in a particular case.

September 25, 2007 - A defendant filed a motion for reconsideration of the September 10, 2007 order.

September 10, 2007 - The court granted in part and denied in part additional motions to dismiss.

July 31, 2007 - An additional case was transferred to the U.S. District Court of the Southern District of New York.

November 20, 2006 - The court issued another final judgment and dismissal with prejudice.

November 17, 2006 - The court approved the motion for attorneys’ fees and expenses.

November 10, 2006 - The court issued a judgment dismissing claims against the "Banks".

June 15, 2006 - The court preliminarily approved both stipulations of settlement.

June 7, 2006 - Parties in the "Banks" litigation filed a stipulation of settlement.

May 23, 2006 - Parties in the "Deloitte & Touche" litigation filed a stipulation of settlement.

February 1, 2006 - Additional defendants filed motions to dismiss.

December 16, 2005 - An additional defendant filed motions to dismiss.

November 21, 2005 - Additional cases were transferred to the U.S. District Court of the Southern District of New York.

November 4, 2005 - The court granted in part and denied in part one of the motions to dismiss filed on March 9, 2004.

September 19, 2005 - Defendants filed numerous motions to dismiss.

September 1, 2005 - The court denied another motion to dismiss.

August 30, 2005 - The court denied another motion to dismiss.

August 16, 2005 - The court granted in part and denied in part another motion to dismiss.

July 18, 2005 - The court granted in part and denied in part one of the motions to dismiss.

May 31, 2005 - The court granted the defendants' motion to dismiss filed on May 20, 2005 and the plaintiffs are granted leave to amend.

May 20, 2005 - Defendants filed a motion to dismiss of a particular complaint.

April 22, 2005 - Additional cases were transferred to the U.S. District Court of the Southern District of New York.

March 9, 2005 - Additional cases were transferred to the U.S. District Court of the Southern District of New York.

December 27, 2004 - An additional case was transferred to the U.S. District Court of the Southern District of New York.

October 29, 2004 - Additional cases were transferred to the U.S. District Court of the Southern District of New York.

August 24, 2004 - An additional case was transferred to the U.S. District Court of the Southern District of New York.

June 24, 2004 - An additional case was transferred to the U.S. District Court of the Southern District of New York.

May 25, 2004 - An additional case was transferred to the U.S. District Court of the Southern District of New York.

April 12. 2004 - Additional motions to dismiss were filed.

March 9, 2004 - Defendants filed additional motions to dismiss.

March 8, 2004 - Defendants filed motions to dismiss.

December 22, 2003 - Various amended complaints were filed.

December 10, 2003 - Additional cases were transferred to the U.S. District Court of the Southern District of New York.

December 5, 2003 - Lead plaintiff and lead counsel were appointed and additional cases were consolidated.

November 12, 2003 - Additional cases were transferred to the U.S. District Court of the Southern District of New York.

October 17, 2003 - Additional cases were transferred to the U.S. District Court of the Southern District of New York.

September 16 ,2003 - Additional cases were transferred to the U.S. District Court of the Southern District of New York.

August 1, 20013 - All cases were transferred to the U.S. District Court of the Southern District of New York.

June 3, 2002 - Additional lead plaintiff motions were filed.

May 31, 2002 - A lead plaintiff motion was filed as well as another amended complaint.

May 30, 2002 - The plaintiffs filed an amended complaint.

May 24, 2002 - Another investor filed a complaint on behalf of investors who purchased Adelphia Communications Corporation common shares between March 30, 2000 and April 1, 2002. The plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between March 30, 2000 and April 1, 2002.

May 23, 2002 - Another investor filed a complaint on behalf of investors who purchased Adelphia Communications Corporation common shares between January 6, 2000 and March 27, 2002. The plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between January 6, 2000 and March 27, 2002.

May 10, 2002 - Another investor filed a complaint on behalf of investors who purchased Adelphia Communications Corporation common shares between January 6, 2000 and March 27, 2002. The plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between January 6, 2000 and March 27, 2002.

April 30, 2002 - All cases were consolidated.

April 5, 2002 - Another investor filed a complaint on behalf of investors who purchased Adelphia Communications Corporation common shares between April 2, 2001 and April 1, 2002. The plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between April 2, 2001 and April 1, 2002.

April 4, 2002 - Another investor filed a complaint on behalf of investors who purchased Adelphia Communications Corporation common shares between January 19, 2001 and April 1, 2002. The plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between January 19, 2001 and April 1, 2002.

April 2, 2002 - An investor in shares of Adelphia Communications Corporation (NASDAQ: ADLAC) filed a lawsuit in the U.S. District Court for the Eastern District of Pennsylvania against Adelphia Communications Corporation over alleged violations of Federal Securities Laws.

The complaint charges defendants with violations of federal securities laws by, among other things, issuing a series of false and misleading press releases concerning Adelphia Communications Corporation's financial condition and business prospects. The complaint alleges, between April 2, 2001 and April 1, 2002, that Adelphia failed to disclose billions of dollars of off-balance sheet debt. As a result, the prices of Adelphia Communications Corporation's securities were artificially inflated. On March 27, 2002, however, Adelphia Communications Corporation shocked the market when the company revealed during a conference call that it had $2.3 billion of off-balance sheet debt. Moreover, it was further disclosed that Adelphia Communications Corporation guaranteed credit facilities for a closely-held partnership named Highland Holdings, which is controlled by Adelphia Communications Corporation's controlling shareholder, the Rigas Family, and which used the money, in substantial part, to purchase securities from Adelphia Communications Corporation. Adelphia Communications Corporation also revealed that it may be liable for $500 million in bank loans secured by Adelphia Communications Corporation. In response to this announcement, over the next several trading days, the prices of Adelphia Communications Corporation securities dropped precipitously. The price of Adelphia Communications Corporation common stock dropped from $ 20.39 per share on March 26, 2002, to $ 13.12 per share on April 1, 2002. The price of Adelphia Communications Corporation debt securities also materially declined.