According to the docket, on February 28, 2000, a Stipulation of Settlement was filed, and on May 12, 2000, the Court entered the Order by U.S. District Judge John G. Heyburn II granting the motion for order of preliminary approval of settlement. On September 29, 2000, Judgment was entered granting the motions for final approval of the proposed class action settlement and for attorney fees and reimbursement of expenses. The case was terminated.
The original complaint charges Videolan and certain of its former and present officers and directors (collectively, the "Defendants") with violations of the federal securities laws by, among other things, making false and misleading statements to the investing public that Videolan had entered into an agreement with the Samsung Corporation of Korea ("Samsung") under which Samsung had committed to purchase from Videolan between $50,000,000 and $70,000,000 worth of Videolan's VL 2000 product (the "Samsung Agreement"). The Complaint alleges that the
Defendants' misrepresentations regarding the Samsung Agreement artificially
inflated the price of Videolan's securities during the Class Period.