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IN RE LOTUS DEVELOPMENT CORP. SECURITIES LITIGATION

Civ. A. No. 94-11279-PBS.

875 F.Supp. 48 (1995)

In re LOTUS DEVELOPMENT CORP. SECURITIES LITIGATION.

United States District Court, D. Massachusetts.

January 17, 1995.

Attorney(s) appearing for the Case

Glen DeValerio, Norman Berman, Berman, DeValerio & Pease, Boston, MA, and Thomas G. Shapiro and Michelle H. Blauner, Shapiro, Grace & Haber, Boston, MA, for plaintiffs.

Dennis M. Kelleher, and Thomas J. Dougherty, Skadden, Arps, Slate, Meagher & Flom, Boston, MA, and Henry B. Gutman and Kerry L. Konrad, Baker & Botts, L.L.P., New York City, for defendants.

MEMORANDUM AND ORDER

SARIS, District Judge.

INTRODUCTION

This is a consolidated class action alleging that defendants Lotus Development Corporation ("Lotus"), James P. Manzi (the Lotus Chief Executive Officer and Chairman) and Edwin J. Gillis (the Chief Financial Officer) knowingly made certain false and misleading public statements in violation of §§ 10(b) and 20(a) of the Securities Exchange Act of 1934, 15 U.S.C. §§ 78j(b...

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