District Court for the District of Delaware
Ticker symbol:Nasdaq: ADGF
Class Period Start:July 9, 1998
Class Period End:October 22, 1998
Berger & Montague serves as lead counsel in a federal
securities class action brought against Adams Golf and its top
officers and directors in connection with Adams Golf's initial
public offering (the "IPO") in 1998. The case also names as
defendants the underwriters for the IPO.
Plaintiffs claim that the offering documents for the IPO
misrepresented and failed to disclose the material risk posed by
gray marketing. At the time of the IPO, according to
plaintiffs, Adams Golf's business was severely impacted, and its
prospects precarious, as a result of ongoing gray marketing
activity, which involved discounters' sale of Adams Golf clubs at
low prices. Discounters' sales threatened Adams Golf's
allegedly "exclusive" retailer network.
The case has been extensively litigated. Following initial
motion practice, the Court dismissed the case. Plaintiffs
appealed, and the Third Circuit Court of Appeals reinstated the
case. Extensive proceedings followed. The Court has
certified the Class for the Class Period of July 9, 1998 - October
22, 1998. Both fact and expert discovery have been
Defendants' motion for summary judgment, and the motions of both
sides to exclude certain experts, have been fully briefed.
The parties await the Court's ruling on these motions. The
case is essentially ready for trial.