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Case Page

 

Case Status:    SETTLED
On or around 08/06/1999 (Other)

Filing Date: May 09, 1997

According to a Press Release dated 5/12/97, the complaint charges Delgratia and certain of its officers and directors with violations of the federal securities laws and alleges that defendants made false and misleading statements about Delgratia's Nevada gold project. Prior to announcing that Delgratia had "struck gold," the Company's stock had traded for as little as $3-1/2. However, after Delgratia's false claims of substantial gold reserves were widely disseminated in February of 1997, Delgratia shares quadrupled, reaching a high of $34-3/4 on March 19, 1997. On March 20, 1997, Delgratia's scheme began to unravel as a Nevada mining official questioned the Company's disclosures relating to its Nevada gold project. Delgratia stock dropped, dropping 50% to $16 per share on trading volume of 3.1 million shares.

The parties entered into a Stipulation of Settlement on August 24, 1999.

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