According to the docket, on September 24, 2002, the Court entered the Order and Final Judgment by U.S. District Judge David Folsom finding that, for the purposes of the Settlement and Judgment, the prerequisites for a class action were satisfied. By the Notice of Pendency of Class Action, the settlement fund established was in the aggregate amount of $49,500,000.
The original complaint charges that defendants Triton and certain of its officers and directors violated the federal securities laws by materially misleading investors through the dissemination of materially false and misleading information concerning, among other things, the prospective value of all or part of Triton in the event of a sale, the interest generated by this proposed sale, and the value and quality of Triton's assets and operations. The defendants publicly announced on March 30, 1998 that Triton was putting its primary assets up for sale to "maximize the value of these assets for our shareholders." The defendants touted that interest in the sale was "intense" and encouraged the investment community to believe that the sale of Triton or its assets would take place at a substantial premium over the current market price of Triton's shares. These false and misleading representations served to drive the price of Triton common shares to highs of over $42. On July 17, 1998, Triton shocked the market when it revealed it had not received an acceptable buyout offer, that its chief executive has resigned, and it would take a shocking $160 million after-tax writedown. Shares in Triton plummeted 32% on July 17, a single day loss of over $361 million in market capitalization.