Priceline Securities Litigation

With Johnson & Perkinson as one of Co-Lead Counsel, Plaintiffs filed a Complaint in the United States District Court for the District of Connecticut on behalf of purchasers of the securities of Priceline.com, Inc. between January 31, 2000, through and including October 4, 2000, alleging that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market during the Class Period. The Complaint alleges that the Company's financial statements were materially false and misleading because the Company's financial results were materially inflated.

Current Status:

In October 2004, the Court resolved Defendants' Motion to Dismiss, sustaining much of Plaintiffs' Complaint against Priceline and the Individual Defendants. Claims alleged against the Company's accountant during the Class Period were dismissed without prejudice, thus allowing Plaintiffs to replead those claims. On April 4, 2006 the Court granted Plaintiffs' Motion for Class Certification, certifying a class of investors who acquired the securities of Priceline.com, Inc. between January 31, 2000 through and including October 4, 2000.

In May 2007, Plaintiffs agreed to terms of settlement with Priceline.com and the Individual Priceline.com Defendants, who agreed to pay $80 million to resolve the claims. The Court granted final approval of the settlement on July 19, 2007.  The Plaintiffs hired Strategic Claims Services as the Claims Administrator, who can be reached toll-free at 1-866-274-4004 for information about claims.  Their website is www.strategicclaims.net.  Distribution of the proceeds of the settlement will occur sometime in late 2007 or during the first half of 2008.

Plaintiffs filed a Motion to Amend the Complaint with respect to allegations concerning Priceline.com's auditor, Deloitte & Touche LLP, in May 2007, which the Court denied on November 29, 2007. Plaintiffs have filed an appeal of that decision in the Second Circuit Court of Appeals.