U.S. Aggregates, Inc. Conclusion: According to the Final Judgment and Order of Dismissal with Prejudice signed by U.S. District Judge Claudia Wilken dated March 24, 2006, this Court approves the settlement.
By the Notice of Pendency and Proposed Settlement of Class Action, a settlement fund consisting of $3,500,000 in cash has been established. The Court will hold a fairness hearing at 10:00 a.m., on March 24, 2006, at the United States Courthouse, 1301 Clay Street, Oakland, California. At this hearing the Court will consider whether the settlement is fair, reasonable, and adequate. The Court will also consider how much to pay to Lead Counsel. The Court may decide these issues at the hearing or take them under consideration.
The original complaint charges U.S. Aggregates and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Specifically, the complaint alleges that on April 3, 2001, U.S. Aggregates issued a press release, which stated in part, that the Company was going to restate its earnings for the first three quarters of 2000, restate its net loss of $2.6 million, or $0.17 per diluted share, to a net loss of $5.1 million. On this news, U.S. Aggregates shares dropped to $4.30, or more than 79% lower than the Class Period high of $20-1/4. Plaintiff seeks to recover damages on behalf of all purchasers of U.S. Aggregates publicly traded securities during the Class Period.
SIC Code: 1442
Sector: Capital Goods
Industry: Construction - Raw Materials
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