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Case Page

 

Case Status:    SETTLED  
—On or around 04/26/2000 (Date of order of final judgment)
Current/Last Presiding Judge:  
Hon. Edward F. Harrington

Filing Date: August 25, 1998

According to the Company’s FORM 10-Q for the quarterly period ended March 31, 2000, the case was filed on August 25, 1998 in the United States District Court for the District of Massachusetts. Plaintiffs allege that they purchased Common Stock of the Company between April 28, 1997 and August 17, 1998 and seek to represent the class of all persons purchasing during that period. The Complaint, which was amended on March 29, 1999, alleges that the Company and its former Chief Executive Office violated Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 and seeks monetary damages. The Amended Complaint alleges that various public statements by the Company during 1997 and 1998 were false or misleading as a result of alleged accounting irregularities. On June 11, 1999, the Company filed a motion to dismiss the Amended Complaint. Subsequently, the parties reached an agreement-in-principle to settle. The agreement was approved by the court on April 24, 2000. During the third quarter of 1999 the Company took a charge to earnings of $1,250,000 in connection with the agreement-in-principle to settle the lawsuit.

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