In re Pemstar, Inc.

Defendants' Memorandum in Support of Motion to Dismiss


This case covers all purchasers of the common stock of Pemstar, Inc. (“Pemstar”) during the period from January 30, 2003 through January 12, 2005. An Amended Complaint, filed on November 28, 2005, alleges that Defendants violated federal securities laws by overstating Pemstar’s accounts receivable, understating the liabilities associated with its Mexican facilities and misrepresenting its profitability.

Schatz Nobel Izard, P.C. was appointed as Lead Counsel by the United States District Court for the District of Minnesota on October 26, 2005.

This is the Defendants’ Motion to Dismiss the Complaint, which the Court denied on March 29, 2006.

The parties have agreed to a settlement in the amount of $2.875 Million. The settlement agreement has been preliminarily approved by the Court, and a hearing on the settlement was held on August 1, 2007.

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Reference Info:Legal Memoranda: Motion Addressed to Pleadings | Federal, 8th Circuit, Minnesota | United States

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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