According to the docket, on May 8, 2003, the court entered the Order approving the settlement and granted the motion for an award of attorneys’ fees in the amount of $840,000 and reimbursement of expenses in the $120,980.94 to plaintiffs' counsel. The Court further entered the Final Order dismissing the complaint and the case was closed.
Earlier, on July 25, 2000, the Court entered the Order dismissing/closing the case for statistical purposes, placed the matter in the civil suspense file, and the case was closed. On February 4, 2003, Stipulation of Settlement was filed, and on February 22, 2003, the Court entered the Order granting the motion to re-open the case and the case was removed from the civil suspense file.
On March 11, 1999, the Court entered the Order signed by U.S. District Judge Federico A. Moreno granting the motions to consolidate the cases, for appointment as lead plaintiffs, and for approval of proposed lead plaintiffs’ selection/appointment of lead counsel. Certain cases were dismissed without prejudice and with leave to file an amended consolidated complaint in 99-CV-225.
The original Complaint alleges that Let's Talk Cellular and certain of its officers
violated Sections 10 (b) and 20 (a) of the Securities Exchange Act of 1934.
According to the Complaint, during the Class Period defendants artificially
inflated the price of Let's Talk Cellular common stock by disseminating
materially false and misleading statements, and omitting to state material
facts, regarding wholesale and retail revenues as well as integration costs
related to acquired companies. The complaint alleges that, among other things,
defendants omitted to disclose that: (i) Let's Talk Cellular had been
experiencing a material softness in retail and wholesale sales; (ii) sales were
being adversely impacted by undisclosed changes in Let's Talk Cellular's
incentive pay system; and (iii) Let's Talk Cellular was incurring material
additional costs due to delays in the integration of acquired companies. The
Complaint also alleges that during the Class Period, while the price of Let's
Talk Cellular common stock was artificially inflated by defendants' materially
misleading statements and omissions, that each of the two named defendants sold
87,000 shares of Let's Talk Cellular common stock for gross proceeds exceeding