According to the docket posted, on January 5, 1999, the Court entered the Final Judgment and Order of Dismissal of Class Action With Prejudice and the case was dismissed. The Court further entered the Minute Order by U.S. District Judge James B. Moran awarding plaintiff's attorneys fees and reimbursement of litigation expenses in an aggregate amount of $262,500.
As reported by the Company’s FORM 10-Q For the Quarterly Period ended June 30, 1998, during July, 1998, a verbal agreement regarding settlement was reached among the parties and the Company accrued its expected settlement expense as of June 30, 1998.
The complaint alleges that during the Class Period, Eagle's financial results, as reported by defendants, did not accurately reflect the Company's true financial position and results of operations. The financial results which defendants issued failed to be reported in accordance with generally accepted accounting principles. Such results contained material accounting irregularities in that they failed to reflect adequate reserves for credit losses. Moreover, defendants issued public statements during the Class Period which fraudulently created the false impression that the Company's accounting practices were proper.