According to the docket, on May 18, 2000, a Stipulation of Settlement was filed, and on June 26, 2000, the Court entered the Order by U.S. District Judge Roslyn O. Silver preliminarily granting/approving settlement and providing for notice. The Court later entered the Final Judgment and Order on September 11, 2000. By the Final Judgment and Order, the case was dismissed with prejudice and terminated.
The Notice of Proposed Settlement dated June 26, 2000, announces the establishment of a settlement fund in the amount of $3,456,000.
As reported in the Form 10-K for the fiscal year ended October 31, 1999, on September 21, 1998, plaintiffs filed a consolidated complaint, alleging a claim against the Company and the individual defendants under Section 11 of the Securities Act and a claim against the individual defendants under Section 15 of the Securities Act, based upon the conduct alleged in the original complaints. Plaintiffs seek an unspecified amount of damages. On November 5, 1998, defendants moved to dismiss the complaint. On June 3, 1999 Defendants' motion to dismiss was granted in part and denied in part by the Court.
On February 13, 1998, a purported securities class action complaint, WEISS
V. GAMETECH INTERNATIONAL, INC., No. 98-0268 PHX-ROS, was filed in the United States District Court for the District of Arizona against the Company and
certain officers and directors alleging that defendants violated Section 11 of
the Securities Act of 1933 (the 'Securities Act') by making false misleading
statements and omissions in GameTech's Form S-1 Registration Statement in
connection with the Company's public offering on November 25, 1997.