According to the docket dated March 11, 1999, on September 18, 1998, U.S. District Judge Suzanne B. Conlon ordered the Plaintiff's motion for class certification moot. The motions to dismiss the plaintiff's amended complaint were granted. Counts III and IV were dismissed with prejudice. Counts I, II, V and VI were dismissed without prejudice. A Notice of Appeal was later filed by the plaintiff. On February 8, 1999, the Seventh Circuit Court dismissed the appeal.
The lawsuit was filed on behalf of all former Gast shareholders who sold
their shares pursuant to a merger agreement dated August 21, 1996 ("Merger").
The lawsuit was filed on behalf of plaintiff Mark Krieger and is captioned Mark
A. Krieger v. Warren E. Gast, et. al., No. 98 C 3182. Plaintiff's complaint
alleges, inter alia, that defendants violated sections 10(b) and 20 of the 1934
Securities Exchange Act, 15 U.S.C. section 78, et. seq., by making material
misrepresentations and omissions of fact as to the true value of Gast in order
to improperly squeeze out Gast's minority shareholders.