On August 7, 2000, U.S. District Judge Gary A. Feess awarded Lead Plaintiff Counsel attorney’s fees in the amount of 30% of the settlement fund plus expenses in the amount of $614,663.29, together with interest earned thereon. Judge Feess approved the plan of allocation of the settlement proceeds. The action was dismissed with prejudice and the action terminated.
According to a Press Release dated April 17, 1998, the complaint alleges that certain of Learning Tree's officers and directors violated the law by preparing and disseminating false and misleading statements about Learning Tree and its computer training courses, including false statements about the successful launch of the Company's Power Seminar Division. These false statements were made in order to inflate the price of Learning Tree stock from $33-1/4 at the beginning of the Class Period to over $43 to allow defendants to sell over 223,918 shares of their holdings in Learning Tree -- pocketing over $8 million in insider trading proceeds.