According to the docket, on July 1, 2003, the Court entered the Order approving the Plan of Distribution of Settlement Proceeds and the Order awarding attorneys' fees of $2,475,000 paid from the settlement fund. The Court further entered the Final Judgment and Order of Dismissal with Prejudice approving the Settlement set forth in the Stipulation and dismissing all claims with prejudice.
Earlier, on March 29, 2001, the Court entered the Opinion and Order #85380 that defendants' motion to dismiss the Amended Class Action Complaint is granted only as to claims arising from the alleged misrepresentations to analysts set forth in paragraphs 31-33, 66-67, and 73 of the amended complaint, and is in all other respects denied.
The lawsuit charges Revlon, Inc. and certain of its top officers and directors with violations of the securities laws and regulations of the United States. The complaint alleges, among other things, that defendants defrauded the investing public by recognizing revenue in violation of Generally Accepted Accounting Principles ("GAAP"). In addition, the Complaint charges that the defendants deliberately shipped excessive amounts of Revlon products and improperly recognized revenues on such shipments.