On October 13, 2004, the Court entered the Order of the 11th Circuit Court of Appeals granting parties’ joint motion to dismiss the appeal with prejudice.
Earlier, Judge Evans dismissed the claims of certain plaintiffs with prejudice. Then, on March 17, 2004, the Court entered the Order by U.S. District Judge Orinda D. Evans granting the motion for summary judgment for the individual defendants. The Judgment was entered for certain defendants and against plaintiffs for costs of the action and the case was terminated. A Notice of Appeal was soon after filed by a number of plaintiffs.
On April 13, 2001, the court entered the Notice of filing bankruptcy petition and automatic stay of proceedings by defendant World Access, Inc.
The original Complaint names WAXS and certain of the Company's officers and directors as defendants, alleging that these parties violated Sections 10(b) and 20(a) of the Exchange Act, as well as SEC Rule lOb-5 promulgated thereunder, by originating a series of materially misleading statements and omissions concerning the Company's business prospects and financial condition. Specifically, the Complaint alleges that, throughout the Class Period, the defendants repeatedly misrepresented the demand for the Company's products and the margins on the sales of such products.