According to the docket dated December 05, 2003, the parties filed a Stipulation of Settlement on November 15, 2000. The court in its Minute Order preliminary approves order in connection with settlement proceedings; joint motion for preliminary approval of class action settlement pursuant to Rule 23 of the Federal Rules of Civil Procedure is granted. On March 07, 2001, plaintiffs filed Motion for final approval of class action settlement and fee application; Memorandums of law; Notice. In its Minute Order dated March 14, 2001, the court gave order and final judgment. Plaintiffs' motion for final approval of class action settlement [98-1] and fee application is granted [98-2].This case is hereby dismissed with prejudice and without costs, except as provided in the stipulation. The case is terminated.
According to the firm's 10-Q filing dated November 12, 1999, on April 9, 1998, the plaintiffs voluntarily dismissed their Securities Act claims. On May 5, 1998, the defendants moved to dismiss the remaining counts of the complaint. That motion was denied on March 31, 1999 and defendants' answer was filed on June 25, 1999. On July 30, 1999, defendants filed a motion seeking reconsideration of the denial of their motion to dismiss.
The original complaint asserts claims for violations of Section 10(b) and 20(a) of the Securities Exchange Act of 1934. The complaint alleges violations of the federal securities laws, based on defendants' false representations of the company's current financial and business conditions as well as the company's future business prospects. Plaintiff alleges that defendants withheld material information from -- and made false representations in -- publicly disseminated press releases and other materials which artificially inflated the price of NextLevel common stock.