Free Status Report - District Court of Colorado - Colorado

Case 1:04-cv-01006-RPM

Document 277

Filed 11/07/2007

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IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF COLORADO

SPECIAL SITUATIONS FUND III, L.P., SPECIAL SITUATIONS CAYMAN FUND, L.P., SPECIAL SITUATIONS TECHNOLOGY FUND NEW, L.P., and SPECIAL SITUATIONS TECHNOLOGY FUND II, L.P., on behalf of themselves and others similarly situated, Plaintiffs, v. QUOVADX, INC., LORINE R. SWEENEY, GARY T. SCHERPING, JEFFREY M. KRAUSS, FRED L. BROWN, J. ANDREW COWHERD, JAMES B. HOOVER, CHARLES J. ROESSLEIN, and JAMES A. GILBERT, Defendants.

Civil Action No. 1:04-cv-01006-RPM

LEAD COUNSEL'S SUPPLEMENTAL STATUS REPORT

Lead Counsel, Lowenstein Sandler PC and Marc B. Kramer, Esq. (collectively, "Lead Counsel"), hereby submit this Report to apprise the Court of the status of claims administration. On September 5, 2007, Lead Counsel filed a Status Report and supporting Declaration of the claims administrator as required by the Court's Order dated July 27, 2007. In that Status Report, two categories of objections were identified: (i) Claims that were timely filed by the April 16, 2007 deadline, but were rejected due to uncured deficiencies ("Category A Objections"); and (ii) Claims that were rejected for failing to

20445/3 11/07/2007 2255581.01

Case 1:04-cv-01006-RPM

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submit claim forms by the April 16, 2007 deadline ("Category B Objections"). Lead Counsel made various recommendations in the Status Report concerning the disposition of the Category A and B objections, and submitted a proposed Order therewith. That Order has not yet been entered by the Court. Because that proposed Order has not yet been entered, Lead Counsel believes that it is appropriate to make a recommendation with respect to the recent objection filed by Paul Catullo (Claim No. 1005886). As set forth in the Declaration of Anya Verkhovskaya submitted herewith, Mr. Catullo failed to file his claim in timely manner. However, after provisionally processing his claim, the claims administrator found that he has a Recognized Loss of $1,085.85. Therefore, Mr. Catullo's claim is similarly situated to the other Category B Objections that Lead Counsel recommended for approval in its prior Status Report. Lead Counsel respectfully requests that Mr. Catullo be permitted to participate in the distribution of the settlement proceeds because he has an otherwise valid claim, but for the untimeliness of his claim filing. Additionally, allowing him to participate will not cause any Claimant to recover less than 100% of their Recognized Loss. Lead Counsel is submitting a revised proposed Order herewith.

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Case 1:04-cv-01006-RPM

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Filed 11/07/2007

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DATED: November 7, 2007

Respectfully submitted,

By:

s/ Lawrence M. Rolnick Lawrence M. Rolnick, Esq. (LR-0546) LOWENSTEIN SANDLER PC 65 Livingston Avenue Roseland, New Jersey 07068 Telephone: (973) 597-2500 Fax: (973) 597-2469 Email: [email protected] Attorneys for Lead Plaintiffs Special Situations Fund III, L.P., Special Situations Cayman Fund, L.P., Special Situations Technology Fund New, L.P., and Special Situations Technology Fund II, L.P.

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