According to the docket, on August 11, 2000, a Notice of Call for Dismissal pursuant to Rule 41.1 was filed. On August 24, 2000, the Court entered the Order signed by U.S. District Judge William G. Bassler dismissing the action without prejudice and without costs.
The Complaint charges Fundtech with violations of federal securities laws.
More specifically, this action centers around Fundtech's reckless statements at
a Hambrecht & Quist ("H&Q") analysts' conference in Tel Aviv earlier in the day
on October 6, 1999 where the Company promoted the stock without disclosing the
severe shortfall earnings that it would announce only hours later. During the
H&Q conference at the Tel-Aviv Hilton, Fundtech management represented and left
investors with the impression that Fundtech is in "good shape". Fundtech never
disclosed the existence or true nature of the Company's poor results for 3Q99,
which Fundtech management knew of prior to the conference and would announce
only hours after the conference.
The complaint further alleges that only at approximately 2:46 p.m. EDT on October 6, 1999 did Fundtech disseminate the Company's poor 3Q99 results to the investing public. In a release, Fundtech stated that "based upon our preliminary assessment of the third quarter, Fundtech expects revenues to be approximately $7.0 million, with diluted EPS to be a loss of approximately $0.10 per share for the quarter."