According to the docket posted on this site, the court entered its final judgment approving the settlement and dismissing the lawsuit on April 3, 2000.
In a Press Release dated January 14, 2000, the parties reached a proposed settlement of $5,175,000.
The original complaint alleged that the company and its senior executives issued materially false and misleading statements about the development and viability of CII, Ceridian's new payroll processing software, as well as the impact the introduction of CII would have on Ceridian's operations in 1997 and beyond. The complaint alleges that artificially inflated net income during the class period by improperly capitalizing software development costs incurred in connection with the development of CII. Ceridian's financial statements for each quarter of fiscal 1996, for the first two quarters of 1997, and for the fiscal year ended December 31, 1996 were false and presented in violation of Generally Accepted Accounting Principles. The complaint also alleges that that defendants' false statements artificially inflated the price of the company's common stock, which enabled Ceridian insiders to sell millions of dollars worth of their own stock at inflated levels before the defendants revealed that Ceridian was terminating development of CII.