Case Page

 

Case Status:    SETTLED
On or around 05/26/2000 (Date of order of final judgment)

Filing Date: October 31, 1996

According to the docket posted, on May 26, 2000, the Court entered the Order For Final Judgment for Gerald Levine against Metal Recovery Technologies for $3,050,000. The case was dismissed against Metal Recovery Technology and certain individual defendants. On December 20, 2001, the Court entered the Judgment Order for Gerald Levine against several individual defendants for $2,697,633. On December 1, 2005, the Court entered the Order and Final Judgment in favor of Plaintiff and the Class and against Barron Chase Securities, Inc. and an individual defendant in the amount of $200,000. Class Counsel was awarded the sum of $25,000 in attorneys' fees from the Settlement Fund, plus the sum of $37,365.77 as reimbursement of their costs and expenses. The case is closed.

As reported by the Company's SEC 10-Q filing for the quarterly period ended September 30, 1998, Malvy Technology, Inc., now known as Metal Recovery Technologies, Inc., settled the lawsuit. The settlement, which was initially finalized during 1997, was for $3.25 million. However, the Company did not made the initial payment negotiated in the agreement and renegotiated the terms and conditions originally agreed upon. The final settlement is being renegotiated and is expected to be an amount of $3.45 million.

According to the same filing, on November 6, 1995, an action entitled Levine vs. Metal Recovery Technologies, Inc., was filed in the United States District Court of Delaware by a shareholder against the Company and certain present and former directors, alleging breaches of the federal securities laws, by reason of alleged material misrepresentation by the Company and the Company's alleged failure to make timely disclosure relating to its Malvy operations. In November, 1996, the Court certified the proposed class. On October 31, 1996, a second action was commenced by the same plaintiff against the same defendants and others, including a number of brokerage firms and their representatives, alleging a conspiracy to inflate prices at which the shares of the Company's common stock traded during the period specified therein.

The original Complaint alleges that Malvy, certain of its present and/or former officers, and a number of affiliated persons and co-conspirators inflated the price of Malvy stock during the Class Period by means of false and misleading statements and other manipulative devices, including bribes to stock brokers to promote trading in the stock.

COMPANY INFORMATION:

Sector: Basic Materials
Industry: Metal Mining
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: MRTI
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. Delaware
DOCKET #: 96-CV-00525
JUDGE: Hon. Joseph J. Farnan Jr.
DATE FILED: 10/31/1996
CLASS PERIOD START: 11/01/1993
CLASS PERIOD END: 05/24/1995
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abrahams, Kaslow Law Firm
    8712 West Dodge Road Suite 300, Abrahams, Kaslow Law Firm, NE 68114-3419
    ·
  2. Donald B. Lewis
    Donald B. Lewis 5 Cynwyd Road, Donald B. Lewis, PA 19004
    610.668.0330 ·
  3. Law Offices Of David B. Zlotnick
    1039 North Sixth Avenue, Law Offices Of David B. Zlotnick, AZ 85705
    520.798.3255 ·
  4. Rosenthal, Monhait, Gross & Goddess, P.A.
    Suite 1401, Mellon Bank Center, PO Box 1070, Rosenthal, Monhait, Gross & Goddess, P.A., DE 19899-0170
    302.656.4433 (302) 658-7567 ·
No Document Title Filing Date
COURT: D. Delaware
DOCKET #: 96-CV-00525
JUDGE: Hon. Joseph J. Farnan Jr.
DATE FILED: 03/18/1997
CLASS PERIOD START: 11/01/1993
CLASS PERIOD END: 05/24/1995
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Rosenthal, Monhait, Gross & Goddess, P.A.
    Suite 1401, Mellon Bank Center, PO Box 1070, Rosenthal, Monhait, Gross & Goddess, P.A., DE 19899-0170
    302.656.4433 (302) 658-7567 ·
No Document Title Filing Date