According to the docket dated June 22, 2001, the Court entered the Order awarding plaintiff counsel’s fees in the amount of 18% of the settlement fund plus litigation expenses incurred in the aggregate amount of $120,834.71, with interest earned. Earlier, the Stipulation of Settlement was filed on November 14, 2000. By the Notice of Pendency and Proposed Settlement of Class Action, the proposed settlement created a fund in the amount of $1,550,000, plus interest. On January 23, 2001, the Court entered the Order by U.S. District Judge Manuel L. Real granting the motions for order for final approval of settlement, approval of plan allocation of settlement proceeds, and granting the motion for award of attorney fees and reimbursement. The Court further entered that day the Final Judgment and Order dismissing the action without prejudice.
The complaint charges Sirena, a designer, manufacturer and marketer of branded and private-label swimwear, intimate apparel and resortwear, and certain of its officers and directors with violations of the federal securities laws by making misrepresentations about the success of and demand for Sirena's brands, its earnings growth and its financial results. During and for fiscal 1999 (ending June 30, 1999), Sirena reported favorable financial results with strong revenue growth and profitability, causing the company's stock to trade at artificially inflated levels. Ultimately Sirena admitted that those financial results were materially false and misleading and will have to be restated and the previously reported profits will be reduced. Both Sirena's CEO and CFO were fired. Upon these startling revelations, Sirena's stock price has decreased to as low as $1-7/8 per share, before trading was halted, more than 80% below its Class Period high of $9.