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Raster Graphics, Inc. Conclusion: According to a press release dated March 5, 1999, Raster Graphics (Pink Sheets: RGFX) today announced the final judicial approval of the settlement of certain class action lawsuits, which were pending against the Company since March 1998. The lawsuits alleged that the Company and several of its officers and directors violated federal securities laws. Judicial approval of the settlement of these lawsuits is a condition to the proposed merger between Raster Graphics and Gretag Imaging Group, Inc., a leading provider of imaging and photofinishing equipment.
The Final Judgement and Order of Dismissal was granted by the United States District Court in the Northern District of California on February 19, 1999. Under the terms of the settlement, the plaintiffs have received $4.5 million, of which Raster Graphics paid $850,000; the remaining $3.65 million has been paid by the Company's insurance carrier. These sums had been previously placed in an escrow account pending approval of the settlement.
As reported by the Company’s Form 10-Q For The Quarter Ended September 30, 1998, on October 1998, the Company entered into a Memorandum of Understanding (MoU) with the securities litigation plaintiffs. This MoU contains the essential terms of settlement for the above referenced securities litigation. In consideration for a mutually agreed release, the plaintiffs will receive $4.5 million. Of this amount, the Company has accrued $850,000 as of March 31, 1998, and subsequently paid such amount directly into an escrow account and the balance was paid by the Company's insurance carrier. The settlement is conditioned upon receiving final judicial approval. There can be no assurances such approval will be obtained.
On March 1998, several class action lawsuits were filed in both state and federal courts on purported behalf of shareholders who purchased the Company's stock during various periods in 1997 through early 1998. The complaints allege, among other things, violation of federal securities laws and that defendants made false and misleading statements in press releases, SEC filings and/or other public statements and seek unspecified damages.
INDUSTRY CLASSIFICATION:
SIC Code: 3577
Sector: Technology
Industry: Computer Peripherals
| COMPANY/ISSUER NAME: | Raster Graphics, Inc. |
| COMPANY/ISSUER TICKER: | RGFX |
| COMPANY WEBSITE: | http://www.rgi.com/ |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| Grimm, et al. v. Raster Graphics, Inc. et al. | |||||||||||||||||
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| REFERENCE COMPLAINT | |||||||||||||||||
| In re Raster Graphics Securities Litigation | |||||||||||||||||
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| OTHER DOCUMENTS | |||
| Securities Fraud Class Action Complaint | |||
| Case Name and/or Number: Dowgos v. Raster Graphics, Inc., et al. | |||
| Type: Complaint | Date on the document: 03/10/1998 | ||
| Opposition To The Grimm Group's Motion For Designation Of Lead Plaintiff And For Appointment Of Lead Plaintiffs' Choice Of Counsel | |||
| Case Name and/or Number: Moore, et al. v. Raster Graphics, Inc., et al. | |||
| Type: Motion | Date on the document: 03/15/1998 | ||
| Securities Fraud Class Action Complaint | |||
| Case Name and/or Number: Moore, et al. v. Raster Graphics, Inc., et al. | |||
| Type: Complaint | Date on the document: 04/13/1998 | ||
| Class Action Complaint for Violations of Cal. Corp. Code §§ 25400 and 25500 | |||
| Case Name and/or Number: Beashear, et al. v. Raster Graphics, Inc., et al. | |||
| Type: Complaint | Date on the document: 04/14/1998 | ||
| Declaration Of Jeffrey W. Lawrence In Support Of Movants' Motion To Be Appointed Lead Plaintiffs Pursuant To Section 21d(A)(3)(B) | |||
| Case Name and/or Number: Moore, et al. v. Raster Graphics, Inc., et al. | |||
| Type: Declaration | Date on the document: 05/04/1998 | ||
| Movants' Motion To Be Appointed Lead Plaintiffs Pursuant To Section 21d(A)(3)(B) Of The Securities Exchange Act Of 1934 And Approval Of Lead Plaintiffs' Choice Of Counsel | |||
| Case Name and/or Number: Moore, et al. v. Raster Graphics, Inc., et al. | |||
| Type: Motion | Date on the document: 05/04/1998 | ||
| CIVIL DOCKET FOR CASE #: 98-CV-938 | |||
| Case Name and/or Number: Dowgos v. Raster Graphics, Inc., et al. | |||
| Type: Docket | Date on the document: 06/08/1998 | ||
| Litigants | |||
| Case Name and/or Number: Dowgos v. Raster Graphics, Inc., et al. | |||
| Type: Other | Date on the document: 06/08/1998 | ||
| CIVIL DOCKET FOR CASE #: 98-CV-1489 | |||
| Case Name and/or Number: Moore, et al. v. Raster Graphics, Inc., et al. | |||
| Type: Docket | Date on the document: 07/09/1998 | ||
| Litigants | |||
| Case Name and/or Number: Moore, et al. v. Raster Graphics, Inc., et al. | |||
| Type: Other | Date on the document: 07/09/1998 | ||
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