According to the docket dated September 29, 2000, on October 2, 2000, the Court entered the Order by U.S. District Judge Alan S. Gold granting the Stipulation of Dismissal With Prejudice which was filed earlier by the plaintiffs on September 28, 2000. The case was discharged with prejudice and closed.
The original complaint charges Med/Waste and certain of its officers and directors with violations of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10(b)-5, promulgated thereunder, as well a purported violations violation of Section 20(a) of the Exchange Act. The complaint alleges that purchasers of Med/Waste common stock during the Class Period were damaged by reason of the Company's issuance of false financial statements for each of the first three quarters of 1998. Specifically, the Complaint alleges that the Company reported profits for each of the first three quarters of 1998, when, in fact, the Company sustained losses of as much as $1.75 million during that period. The Company has now acknowledged that it will report losses for 1998 of over $9 million, and has voluntarily withdrawn from a NASDAQ listing. In addition, the Complaint alleges that one of the named defendants sold all of his shares of Med/Waste stock at nearly $7.00 per share during the Class Period.