According to the docket, on September 24, 1998, a Stipulation of Settlement was filed, and on September 25, 1998, the Court entered the Order preliminarily approving the settlement as described in the Stipulation. On November 9, 1998, the settlement hearing was held, and on November 10, 1998, the Court entered the Order approving the settlement and dismissing the action with prejudice. That day, the Court further entered the Order granting the petition by plaintiff’s counsel for an award of attorneys’ fees and reimbursement of expenses. According to the Order, the plaintiff’s counsel was awarded attorneys’ fees equal to 30% of the common fund, in the amount of $120,000, and reimbursement of expenses of $11,026.14. Finally, on March 1, 1999, the Court entered the Order granting the plaintiff counsel’s request for reimbursement out of the settlement fund in the amount of $20,949.87, and the Court also found that the accounting and allocation of the settlement fund fair, reasonable, and adequate.
As previously disclosed by the Company’s FORM 10-K For The Fiscal Year Ended December 31, 1997, in January 1997, the Company filed a motion to dismiss the complaint on several grounds. In September 1997, the court denied the Company's motion to dismiss. In October 1997, the plaintiff filed a motion seeking certification of the action as a class action. The Company has opposed certification of the action as a class action; and as of February 28, 1998 the Court has not ruled on the motion. The trial of the case is set to commence at some point during or after October 1998.
The complaint alleges that the company and some current and former officers made materially false and misleading statements and omitted to disclose material information in connection with Wonderware's acquisition of Soft Systems Engineering in 1995. The action was filed on behalf of former shareholders of Soft Systems Engineering Inc. who acquired shares or options of Wonderware Corp. in exchange for Soft Systems Engineering stock.