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Case Page

 

Case Status:    DISMISSED    
On or around 04/26/2000 (Date of order of final judgment)

Filing Date: June 10, 1998

According to the Company’s FORM 10-Q for the quarterly period ended March 31, 2000, on April 27, 2000, the United States District Court for the Southern District of New York dismissed a shareholders class action lawsuit filed in 1998 against the Company and four of its officers. The class action suit had alleged that the defendants artificially inflated the price of the Company's stock through false and misleading public statements. In the dismissal ruling issued by Judge Sidney H. Stein, the court found that plaintiffs had not sufficiently specified the reasons that the statements were misleading and/or failed to specify a reason that would be actionable under Section 10(b) of the Securities Exchange Act of 1934.

The original Complaint charges that throughout the Class Period, the Company and certain of its officers and directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by engaging in a scheme to artificially inflate the market price of Chromatics common stock by making misrepresentations and omissions of material fact concerning the uniqueness, technical capabilities of, and market for the Company's Colormate Tlc-BiliMeter.

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