According to the docket posted, on September 7, 2004, the settlement hearing was held before U.S. District Judge Orinda D. Evans, and on September 9, 2004, the Court entered the Order and Final Judgment approving the settlement. Further, on September 10, 2004, the Court entered the Order awarding plaintiffs’ counsel $6,905.95 in expenses.
By the Notice of Proposed Settlement of Class Action, a Settlement Fund consisting of $550,000 in cash, plus interest, has been established. The Court will hold a Fairness Hearing at 2:00 p.m. on September 7, 2004, at the United States District Court for the Northern District of Georgia, Atlanta Division, Richard B. Russell Federal Building and Courthouse, 75 Spring Street, SW, Atlanta, Georgia 30303, in Courtroom 1908. At this hearing the Court will consider whether the settlement is fair, reasonable and adequate. The Court may also decide how much to pay to Plaintiff’s Class Counsel. After the hearing, the Court will decide whether to approve the settlement.
The original complaint alleges throughout the Class Period defendants failed to
disclose the risks and liabilities assumed by the Company in connection with the transition of its sales force from an inside telesales model to an outside field-based model. Throughout the Class Period, defendants repeatedly failed to disclose the material adverse impact the transition of the sales force could have on the Company's revenues and earnings. Defendants' failure to disclose the risks entailed in undertaking sweeping changes in its sales strategy and staff caused the market price of IQ securities to be artificially inflated during the Class Period.