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Case Status:    SETTLED
On or around 03/06/2008 (Date of order of final judgment)

Filing Date: September 12, 1997

According to a U.S. District Court Civil Docket, the case was settled. After hearing and based upon the submission of plaintiffs' counsel, the Court approved the settlement set forth in Stipulation and the H.J. Meyers Defendants Settlement Agreements, and finds that said agreements are, in all respects, fair, reasonable, and adequate to the Settlement Class and the Settlement Class Members. The parties to the Settlement Agreements are directed to consummate and perform their terms. Plaintiffs' counsel are awarded: (a) approximately 20% of the cash component of the Gross Settlement Fund, or $800,000.00; and approximately 20% of the stock component of the Gross Settlement Fund, or 89,000 number of shares, as their fee for services rendered to the Settlement Class, which percentage the Court finds to be fair and reasonable; and (b) $290,000.00 as reimbursement for the expenses incurred and to be incurred on behalf of the Settlement Class.

Palomar and the Varljen plaintiffs reached an agreement in principle pursuant to which Palomar and its insurance carrier would pay plaintiffs $5 million in settlement of all their claims. Of this amount, Palomar would contribute up to $1 million in stock and $1.375 million in cash, and its insurance carrier the remaining $2.625 million in cash. This settlement agreement must be approved by the court.

On March 11, 1999, the United States District Court for the Southern
District of New York granted plaintiffs leave to amend their complaint in the action styled Varljen v. H.J. Meyers, Inc., et. al. to join the Company, its former chief executive officer and current chief financial officer as defendants. On March 17, 1999, the Second Amended Class Action Complaint in Varljen was served upon the Company and its current chief financial officer, alleging that the Company and the former and current officer violated the federal securities laws in various public disclosures that the Company made directly and indirectly during the period from February 1, 1996 to March 26, 1997. In particular, the Complaint alleges that Palomar, Georgiev and Caruso misrepresented the Company's financial results and future prospects through their direct disclosure and through disclosures made by securities analysts and other third parties.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Medical Equipment & Supplies
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: PMTI
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 97-CV-6742
JUDGE: Hon. Ronald L. Ellis
DATE FILED: 09/12/1997
CLASS PERIOD START: 04/29/1996
CLASS PERIOD END: 03/26/1997
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Curtis V. Trinko LLP
    16 West 46th Street 7th Floor, Curtis V. Trinko LLP, NY 10036
    212.490.9550 212.986.0158 · ctrinko@trinko.com
  2. Shalov Stone & Bonner LLP
    276 Fifth Avenue, Suite 704, Shalov Stone & Bonner LLP, NY 10001
    212.686.8004 212.686.8005 · lawyer@lawssb.com
  3. Spector Roseman & Kodroff (San Diego)
    1818 Market Street, Suite 2500, Spector Roseman & Kodroff (San Diego), PA 19103
    215.496.0300 215.496.6611 ·
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 97-CV-6742
JUDGE: Hon. Ronald L. Ellis
DATE FILED: 11/12/1997
CLASS PERIOD START: 02/01/1996
CLASS PERIOD END: 03/26/1997
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Barrack, Rodos & Bacine (former New York)
    170 E. 61st Street, Second Floor, Barrack, Rodos & Bacine (former New York), NY 10021
    212.688.0782 212.688.0783 · info@barrack.com
  2. Curtis V. Trinko LLP
    16 West 46th Street 7th Floor, Curtis V. Trinko LLP, NY 10036
    212.490.9550 212.986.0158 · ctrinko@trinko.com
  3. Shalov Stone & Bonner LLP
    276 Fifth Avenue, Suite 704, Shalov Stone & Bonner LLP, NY 10001
    212.686.8004 212.686.8005 · lawyer@lawssb.com
  4. Spector Roseman & Kodroff (San Diego)
    1818 Market Street, Suite 2500, Spector Roseman & Kodroff (San Diego), PA 19103
    215.496.0300 215.496.6611 ·
No Document Title Filing Date