IN RE CRITICAL PATH, INC. SECURITIES LITIGATION

No. C-01-0551 WHO.

156 F.Supp.2d 1102 (2001)

In re CRITICAL PATH, INC. SECURITIES LITIGATION.

United States District Court, N.D. California.

June 28, 2001.


Attorney(s) appearing for the Case

Francis M. Gregorek, Francis A. Bottini, Jr., Betsy C. Manifold, Wolf, Haldenstein, Adler, Freeman & Herz, LLP, San Diego, CA, Nadeem Faruqi, Shane T. Rowley, Faruqi & Faruqi, for Arnold Cohen.

Jeffrey H. Squire, Ira M. Press, Kirby, McInerney & Squire, New York City, Jill M. Manning, Kirby, McIerney & Squire, Novato, CA, for Renee Sternheim.

Kevin J. Yourman, Weiss & Yourman, Los Angeles, CA, Joseph H. Weiss, Moshe Balsam, Weiss & Yourman, New York City, for Morris Wolfson.

Jeffrey C. Block, Michael G. Lange, Chauncey Steele, Berman, DeValerio, Pease, Tabacco, Burt & Pucillo, Boston, MA, Joseph J. Tabacco, Jr., Christopher T. Heffelfinger, Berman, Devalerio, Pease, Tabacco, Burt & Pucillo, San Francisco, CA, for Michael Lee Thompson and David W. Cleveland.

Daniel C. Girard, Anthony K. Lee, Robert A. Jigarjian, Girard & Green, San Francisco, CA, Ralph M. Stone, Shalov, Stone & Bonner, New York City, for Fred Kessler.

Jeffrey C. Block, Michael G. Lange, Chauncey Steele, Berman, DeValerio, Pease, Tabacco, Burt & Pucillo, Boston, MA, Donald J. Enright, Finkelstein, Thompson & Loughran, Washington, DC, Joseph J. Tabacco, Jr., Christopher T. Heffelfinger, Berman DeValerio, Pease, Tabacco, Burt & Pucillo, San Francisco, CA, for Wania Almadotter.

William S. Lerach, Milberg, Weiss, Bershad, Hynes & Lerach, San Diego, CA, John K. Grant, Randi D. Bandman, Milberg, Weiss, Bershad, Hynes & Lerach, San Francisco, CA, for Bill D. Reynolds, Howard Deskins, Gilbert Schwartz and Robert Wilson.

William S. Lerach, Milberg, Weiss, Bershad, Hynes & Lerach, San Diego, CA, Stuart H. Savett, Barbara A. Podell, Savett, Frutkin, Podell & Ryan, Philadelphia, PA, John K. Grant, Randi D. Badman, Milberg, Weiss, Bershad, Hynes & Lerach, San Francisco, CA, for Andrew Albstein.

Steven J. Toll, Andrew N. Friedman, Cohen, Milstein, Hausfeld & Toll, Washington, DC, Daniel C. Girard, Anthony K. Lee, Robert A. Jigarjian, Girard & Green, San Francisco, CA, Lee S. Shalov, Ralph M. Stone, Shalov, Stone & Bonner, New York City, for Robert T. Booth.

William S. Lerach, Milberg, Weiss, Bershad, Hynes & Lerach, San Diego, CA, John K. Grant, Randi D. Bandman, Milberg, Weiss, Bershad, Hynes & Lerach, Corey D. Holzer, Holzer & Holzer, for Evan Rapoport.

Steven O. Sidener, Joseph M. Barton, Gold, Bennett, Cera & Sidener, San Francisco, CA, for Donald Chan.

Daniel C. Girard, Anthony K. Lee, Robert A. Jigarjian, Girard & Greene, San Francisco, CA, Karen M. Hanson, Richard A. Lockridge, Lockridge, Grindal, Nauen & Holstein, Minneapolis, MN, James Bonner, Shalov, Stone & Bonner, New York City, Lee Squitieri, Squitieri & Fearon, New York City, for Nicholas Nguyen.

Samuel K. Rosen, Wechsler, Harwood, Halebian & Feffer, New York City, Lionel Z. Glancy, Michael Goldberg, Lionel Z. Glancy Law Offices, Los Angeles, CA, for David Fikejs, et al.

Jeffrey C. Block, Michael G. Lange, Chauncey Steele, Berman, DeValerio, Pease, Tabacco, Burt & Pucillo, Boston, MA, Joseph, J. Tabacco, Jr., Christopher T. Heffelfinger, Berman DeValerio, Pease, Tabacco, Burt & Pucillo, San Francisco, CA, Dennis J. Johnson, Jacob B. Perkinson, Law Offices of Dennis J. Johnson, South Burlington, VT, for Alex Krasner.

Brian Murray, Rabin & Garland, New York City, Joseph, J. Tabacco, Jr., Christopher T. Heffelfinger, Berman DeValerio, Pease, Tabacco, Burt & Pucillo, San Francisco, CA, for David Ginsberg.

William S. Lerach, Milberg, Weiss, Bershad, Hynes & Lerach, San Diego, CA, John K. Grant, Randi D. Bandman, Milberg, Weiss, Bershad, Hynes & Lerach, San Francisco, CA, Brian Felgoise, Law Offices of Brian M. Felgoise, Philadelphia, PA, for James M. Bonner.

Jeffrey H. Squire, Ira M. Press, Kirby, McInerney & Squire, New York City, Kenneth A. Elan, Law Office of Kenneth A. Elan, New York City, Jill M. Manning, Klein & Solomon, New York City, for Dominick Totino.

William S. Lerach, Milberg, Weiss, Bershad, Hynes & Lerach, San Diego, CA, Bruce G. Murphy, Law Offices of Bruce G. Murphy, Vero Beach, FL, David R. Scott, Neil Rothstein, Scott & Scott, Colchester, CT, John K. Grant, Randi D. Bandman, Milberg, Weiss, Bershad, Hynes & Lerach, San Francisco, CA, Marc H. Edelson, Hoffman & Edelson, Doylestown, PA, for Chris Jones.

William S. Lerach, Milberg, Weiss, Bershad, Hynes & Lerach, San Diego, CA, Marc S. Henzel, Law Offices of Marc S. Henzel, Philadelphia, PA, John K. Grant, Randi D. Bandman, Milberg, Weiss, Bershad, Hynes & Lerach, San Francisco, CA, for William J. Grant, II.

Stanley Grossman, Marc I. Gross, Patrick V. Dahlstrom, Paul T. Curley, Pomerantz, Haudek, Block, Grossman & Gross, New York City, Joseph J. Tabacco, Jr., Christopher T. Heffelfinger, Berman, DeValerio, Pease, Tabacco, Burt & Pucillo, San Francisco, CA, for Duong Chung.

William S. Lerach, Milberg, Weiss, Bershad, Hynes & Lerach, San Diego, CA, Jeffrey W. Lawrence, Christopher P. Seefer, Ex Kano S. Sams, II, Milberg, Weiss, Bershad, Hynes & Lerach, San Francisco, CA, Joshua M. Lifschitz, Bull & Lifschitz, New York City, for Shlomo Roshgadol.

Joseph J. Tabacco, Jr., Berman, DeValerio, Pease, Tabacco, Burt & Pucillo, San Francisco, CA, Samuel Sporn, Joel P. Laitman, Christopher Lometti, Schoengold & Sporn, New York City, for Gregory D. Callender.

William S. Lerach, Milberg, Weiss, Bershad, Hynes & Lerach, San Diego, CA, John K. Grant, Randi D. Bandman, Milberg, Weiss, Bershad, Hynes & Lerach, San Francisco, CA, William B. Federman, Dreier, Baritz & Federman, Oklahoma City, OK, for William D. Warner.

William S. Lerach, Milberg, Weiss, Bershad, Hynes & Lerach, San Diego, CA, Mark S. Goldman, Kellie A. Allen, Weinstein, Kitchenoff, Scarloto & Goldman, Philadelphia, PA, John K. Grant, Randi D. Bandman, Milberg, Weiss, Bershad, Hynes & Lerach, San Francisco, CA, Bruce G. Murphy, Law Offices of Bruce G. Murphy, Vero Beach, FL, Michael D. Donovan, Donovan, Miller, Philadelphia, PA, for Lester R. Anderson, et al.

Alan R. Plutzik, Farrow, Bramson, Baskin & Plutzik, Walnut Creek, CA, Eduard Korsinsky, Beattie & Osborn, New York City, John W. Allured, Law Offices of John W. Allured, San Francisco, CA, Daniel Osborn, Beatie & Osborn, New York City, Nina F. Locker, Ignacio E. Salceda, Wilson, Sonsini, Goodrich & Rosati, Palo Alto, CA, for Michael Mitchell, et al.

Jordan L. Lurie, Kevin J. Yourman, Leigh A. Parker, Weiss & Yourman, Los Angeles, CA, Joseph H. Weiss, Moshe Balsam, Weiss & Yourman, New York City, for Thomson-CSF Ventures.

Elizabeth E. Leland, Juli E. Farris, Lynn Lincoln Sarko, Michael D. Braun, Patrice L. Bishop, Keller, Rohrback, Seattle, WA, for D & D Partnership, DDC.

Ben Furth, The Furth Firm, San Francisco, CA, Bryan L. Crawford, Samuel D. Heins, Heins, Mills & Olson, Minneapolis, MN, for Minnesota Bakers Union Pension Fund.

Arthur Stock, Sherrie R. Savett, Berger & Montague, Philadelphia, PA, Joseph M. Barton, Paul F. Bennett, Solomon B. Cera, Gold, Bennett, Cera & Sidener, San Francisco, CA, for Columbus Capital Partners, L.P.

Steven M. Schatz, Nina F. Locker, Ignacio E. Salceda, Wilson, Sonsini, Goodrich & Rosati, Palo Alto, CA, for Critical Path, Inc.

Kara M. Andersen, Keker & Van Nest, San Francisco, CA, for William Rinehart.


OPINION AND ORDER

ORRICK, District Judge.

In these thirty-two private plaintiff class actions ("these actions"), certain shareholders of Critical Path, Inc. ("Critical Path") have brought suits charging Critical Path and various of its officers and directors and its outside auditor, PricewaterhouseCoopers, with having disseminated materially misleading information concerning the company's future profitability during a period commencing July 2000 and continuing...

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