According to this press release the consolidated securities class action lawsuit pending against Digimarc Corporation (NASDAQ: DMRC) and certain of its current and former executive officers was dismissed by Judge Anna J. Brown of the United States District Court for the District of Oregon.
The litigation arose from accounting errors disclosed by the company in 2004 and a restatement of prior financial statements that soon followed.
A copy of Judge Brown's opinion is available on the Digimarc website, here.
Rex Boggs, Kennard McAdam, and Glenn Thomas are lead plaintiffs in the Digimarc litigation. Milberg Weiss Bershad & Schulman, LLP and the Portland firm of Stoll Stoll Berne Lokting & Shlachter PC are is lead counsel and liaison counsel, respectively in the Digimarc litigation.
Stoel Rives, LLP is defense counsel in the securities litigation.
Additionally, the company announced that companion state and federal derivative litigations were also dismissed.
The first derivative lawsuit was pending in the Circuit Court of the State Oregon for Washington County, and was dismissed by this stipulation. Lead counsel for plaintiffs in the state litigation were Schiffrin & Barroway, LLP and Danziger Shapiro & Leavitt, P.C. The Portland firm of Layne & Lewis, LLP was liaison counsel for the plaintiffs.
The second derivative lawsuit was pending in the United States District Court for the District of Oregon, and was dismissed by Judge Ancer L. Haggerty. A copy of Judge Haggert's opinion is available here.
Interestingly, among the reasons for granting the motion to dismiss the federal derivative litigation was the prior dismissal by Judge Brown of the securities class action.
Lead counsel for plaintiffs in the federal derivative litigation were Robbins Umeda & Fink, LLP and Faruqi & Faruqi LLP. The Portland firm of Grenley, Rotenberg, Evans, Bragg & Bodie, P.C. was liaison counsel for the plaintiffs.
Perkins Coie, LLP was defense counsel in both of the derivative lawsuits.
Daily Trivia: Digimarc provides products and services that enable the annual production of more than two-thirds of U.S. driver licenses.