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.