According to the closing Order, dated 4/21/2000 from U.S. District Judge David H. Coar of the United States District Court for the Northern District of Illinois, the court gives final approval of the parties' stipulation of settlement. The Stipulation and the Settlement are approved as fair, reasonable and adequate in the best interest of the class. The complaint is hereby dismissed with prejudice and without costs, except as provided in the stipulation, as against each and all of the defendants.
According to a Press Release dated 4/18/97, the complaint charges First Merchants and certain officers and directors of the Company during the relevant time period with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, by, among other things, issuing to the investing public false and misleading financial statements and press releases concerning First Merchants' income and earnings. Because of the
issuance of a series of false and misleading financial statements and press
releases concerning First Merchants' income and earnings, the price of First
Merchants common stock was artificially inflated during the Class Period.