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Case Status:    SETTLED
On or around 03/17/1999 (Date of order of final judgment)

Filing Date: May 07, 1997

According to the latest docket posted, on December 23, 1998, the Court entered the Stipulation and Order preliminarily approving the settlement and approving the conditional settlement class. On March 17, 1999, the Court entered the Order For Final Judgment and the Judgment by U.S. District Judge Ann D. Montgomery.

As reported in the firm's 10-QSB filing dated November 20, 1998, this suit and another were consolidated in July of 1997. In April 1998, all parties to the lawsuit participated in a mediation, and a tentative settlement was reached, subject to approval by the court. Under the terms of this tentative settlement, the Company has agreed to pay $50,000 in cash, issue five-year warrants valued at up to $500,000 to purchase common stock of the Company for $4.00 per share, and issue shares of common stock worth $1,725,000 less the value of shares of the Company's stock being contributed by another defendant. The Company's estimated liability under this settlement, based on the market price of the Company's common stock as of the date of the tentative settlement, is $2,050,000. This estimate is subject to change based on fluctuations in the market price of the Company's common stock between now and final approval by the court. The settlement is also contingent upon the Company's common stock becoming listed on a stock exchange and the registration of the common stock and the common stock issuable upon exercise of the warrants within a six-month period following the date of the tentative settlement. Because of these contingencies, certain of which are beyond the control of the Company, it is possible the Company may be unable to ultimately consummate this settlement as it is currently proposed.

The original complaint alleges that Photran and certain of its officers and directors violated the federal securities laws by issuing false and misleading statements including a Registration Statement and Prospectus regarding, among other things, Photran's operating results and accounts receivable for the first nine months of 1996. The complaint alleges that as a result of these misrepresentations and omissions, Photran's stock was artificially inflated throughout the class period.

COMPANY INFORMATION:

Sector: Basic Materials
Industry: Misc. Fabricated Products
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: PTRN
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. Minnesota
DOCKET #: 97-CV-1138
JUDGE: Hon. Ann D. Montgomery
DATE FILED: 05/07/1997
CLASS PERIOD START: 05/29/1996
CLASS PERIOD END: 03/24/1997
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Johnson & Associates

    ·
  2. Lockridge, Grindal, Nauen P.L.L.P.
    Suite 301, 660 Pennsylvania Avenue Southeast, Lockridge, Grindal, Nauen P.L.L.P., DC 20003-4335
    202.544.9840 202.544.9850 ·
  3. Rabin & Peckel LLP
    275 Madison Avenue, 34th Floor, Rabin & Peckel LLP, NY 10016
    212.682.1818 212.682.1892 · email@rabinlaw.com
  4. Reinhardt, Wendorf & Blanchfield Attorneys at Law
    E-1000 First National Bank Building, 332 Minnesota Street, Reinhardt, Wendorf & Blanchfield Attorneys at Law, MN 55101
    800.465.1592 651.297.6543 · info@ralawfirm.com
No Document Title Filing Date
COURT: D. Minnesota
DOCKET #: 97-CV-1138
JUDGE: Hon. Ann D. Montgomery
DATE FILED: 11/21/1997
CLASS PERIOD START: 05/29/1996
CLASS PERIOD END: 03/24/1997
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Johnson & Associates

    ·
  2. Lockridge, Grindal, Nauen P.L.L.P.
    Suite 301, 660 Pennsylvania Avenue Southeast, Lockridge, Grindal, Nauen P.L.L.P., DC 20003-4335
    202.544.9840 202.544.9850 ·
  3. Milberg Weiss Bershad Hynes & Lerach LLP (San Diego, CA)
    600 West Broadway, 1800 One America Plaza, Milberg Weiss Bershad Hynes & Lerach LLP (San Diego, CA), CA 92101
    800.449.4900 · support@milberg.com
  4. Rabin & Peckel LLP
    275 Madison Avenue, 34th Floor, Rabin & Peckel LLP, NY 10016
    212.682.1818 212.682.1892 · email@rabinlaw.com
  5. Reinhardt & Anderson
    E 1000 First Bank Bldg - 332 Minnesota Street, Reinhardt & Anderson, MN 55101
    651.227.9990 ·
No Document Title Filing Date