According to the docket, on May 10, 1999, a Stipulation and Agreement of Compromise and Settlement was filed and, that same day, the Court entered the Order by U.S. District Judge Edward F. Harrington preliminarily approving the settlement. On June 25, 1999, the Court entered the Clerk’s Notes. The Court approved the settlement and awarded plaintiffs’ counsel attorneys’ fees in the aggregate amount of $2,000,000 paid from the settlement fund and reimbursement of expenses in the amount of $80,263.36. The Order of final approval and final judgment of dismissal was entered and the case was closed.
The original complaint alleges that in the Registration Statement and Prospectus for OEC's public offering in April 1995, OEC overstated its revenues and income for the fourth quarter and fiscal year ended December 31, 1994. The Complaint also alleges that thereafter OEC overstated its revenues and income (a) for the fourth quarter and fiscal year ended December 31, 1995; and (b) for the first quarter ended March 31, 1996. The Complaint alleges violations of Sections 11 and 15 of the Securities Act of 1933 and Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.