According to the docket dated June 25, 2001, U.S. District Judge Nora M. Manella approved the settlement and the case was dismissed with prejudice. On June 9, 2000, the Court issued an Order awarding the plaintiff’s counsel reimbursement fees and expenses in the amount of $208,060.13 from the settlement fund, together with interest earned thereon for the same time period and at the same rate as that earned on the Settlement Fund until paid. Later, on June 25, 2001, Judge Manella authorized the disbursement of the net settlement fund, and approved the payment to the Claims Administrator David Berdon & Co. in the amount of $100,000.
The original Complaint alleges that defendants participated in a scheme or common course of conduct, in violation of federal securities laws, to artificially inflate Select's stock price so that they could maintain their lucrative positions. The Complaint further alleges that as a result of defendants' false statements, misrepresentations, and omissions, the price of Select's common stock was artificially inflated from its initial public offering and was then maintained at an artificially inflated level until the end of the Class Period, when the Company issued a press release announcing that results for the fourth quarter 1997 would fall far short of expectations, and announcing the restatement of third quarter 1997 earnings.