According to the Company's FORM 10-Q For The Quarterly Period Ended June 30, 1998, in May and June, 1997, three complaints were filed in the United States District Court for the Southern District of New York on behalf of a purported class consisting of all persons who purchased the Company's Voting Common Stock issued in connection with and/or traceable to the Company's IPO at any time up to and including February 26, 1997. The complaints named as defendants the Company, certain of its officers and/or directors, J.P. Morgan Securities Inc., Montgomery Securities and Smith Barney Inc. The plaintiffs alleged that the prospectus and the related registration statement disseminated in connection with the IPO contained material misrepresentations and omissions in violation of Sections 11, 12(a)(2) and 15 of the Securities Act of 1933, as amended (the "Securities Act"). On August 5, 1997, the Lawsuits were ordered consolidated for all purposes. On October 3, 1997, the plaintiffs filed a consolidated amended class action complaint. On November 17, 1997, the Company filed a motion to dismiss the consolidated amended class action complaint. On July 15,1998, the District Court issued an opinion and order granting the Company's motion to dismiss the consolidated amended class action complaint in its entirety as to all defendants and denied plaintiffs leave to further amend their complaint.