According to the docket dated June 23, 2003, on June 3, 2003, the Court entered the Amended Order by U.S. District Judge Nancy F. Atlas granting plaintiff’s motion for an award of attorney fees, costs, and expenses. The day before, on June 2, the Court entered the Order awarding plaintiff’s counsel fees and expenses in the amount of $47,250.00 and $43,598.00, respectively. Plaintiff's counsel was also awarded 30% of the recovery amount. The Court entered the Judge’s Final Judgment and the case was closed. The Stipulation of Settlement was earlier filed on February 18, 2003, and the settlement was preliminarily approved by Judge Nancy F. Atlas on February 21, 2003.
The Complaint alleges that, during the Class Period, certain of Erly's former officers and directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by, among other things, intentionally and/or recklessly issuing material misrepresentations concerning (i) the financial condition of Erly, (ii) the nature and extent of litigation against Erly, (iii) the effect on Erly and its business of the termination of an agreement with a rice processor in Saudi Arabia and (iv) related party transactions. Some of these claims are also asserted against Deloitte & Touche LLP, Erly's outside auditor. The Complaint further alleges that the price of Erly common stock was artificially inflated throughout the Class Period as a result of these misrepresentations, and that the individual Defendants used inside information to sell significant amounts of their own personal Erly holdings for significant proceeds.