Olympic Financial, Ltd. Conclusion: According to the court docket, the court entered its Final Judgment and Order approving the settlement and dismissing the claims on 10/11/2001.
According to the Notice of Proposed Settlement dated 7/21/2001, the parties agreed to settle the case for $6,125,000 in cash, pending final court approval.
According to a PR Newswire press release, the complaint alleges that Olympic, and certain of its officers and directors, violated sections 10(b) and 20(a) of the Securities Exchange Act of 1934, by, among other things, making false and misleading statements and omissions about the company's loan programs, its retail repossession program, and the adequacy of the company's loan loss reserves. In particular, the company is alleged to have failed to disclose material information regarding the fact that its loan portfolio had deteriorated significantly due to the rapid increase in high risk, sub-prime loans in connection with its 'Classic' loan program and its retailing and refinancing of repossessed vehicles, and that the company's loan loss reserves were materially insufficient to protect the company from increases in delinquencies and repossessions resulting from these programs. The PR Newswire account notes that the complaint alleges that during the class period Olympic common stock traded at artificially inflated prices as high as $30 5/8 per share.
SIC Code: 6411
Industry: Insurance (Miscellaneous)
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