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Case Status:    SETTLED
On or around 06/22/2000 (Other)

Filing Date: May 13, 1998

According to the Company’s FORM 10-Q for the quarterly period ended June 30, 2000, on June 21, 2000, the court approved a Settlement Order which dismissed the class allegations from the amended complaint, amended the caption to delete the class allegations and dismissed the action on the merits and with prejudice, without costs to any of the parties, except as provided in the Stipulation of Settlement. Pursuant to the Stipulation of Settlement dated June 1, 2000, the defendants collectively agreed to pay a total of $150,000 in full satisfaction and final settlement of all claims and in consideration for a full release as to any future claims arising out of or relating in any way to the matters set forth in the complaint. The entire settlement amount was paid to plaintiff's counsel by the Company's insurer on or about June 23, 2000. The June 21, 2000 Settlement Order also provided that the Stipulation of Settlement did not vacate, alter or modify the determinations made by the District Court in the Memorandum and Order of March 29, 1999 and/or the Memorandum and Order of August 13, 1999, which dismissed the earlier filed complaints.

As previously reported by the Company’s FORM 10K for the fiscal year ended December 31, 1999, on March 29, 1999, the court granted the Company’s Motion to Dismiss, but gave the plaintiff until April 19, 1999 to file an amended complaint. The plaintiff filed an amended complaint on April 19, 1999. On August 16, 1999, the court granted the Company’s Motion to Dismiss the plaintiff ’s amended complaint, without leave to amend. The plaintiff filed a notice of appeal on September 15, 1999.

The original Complaint alleges that National Steel, certain of its officers and directors, and its controlling shareholder, NKK U.S.A. Corp., violated the Securities and Exchange Act of 1934 by issuing a series of false and misleading statements concerning the Company's annual financial results for 1992 through 1996, its quarterly financial results for each quarter of 1996, and its quarterly financial results for the first two quarters of 1997. In particular, it is alleged that defendants managed the Company's earnings when they materially misstated the Company's earnings and net income by creating excess cash reserves and then apportioning those reserves to income in future quarterly and annual reporting periods, in violation of generally accepted accounting principles.

COMPANY INFORMATION:

Sector: Basic Materials
Industry: Iron & Steel
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: NS
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: N.D. Indiana
DOCKET #: 98-CV-245
JUDGE: Hon. Robert L. Miller Jr.
DATE FILED: 05/13/1998
CLASS PERIOD START: 05/14/1995
CLASS PERIOD END: 10/30/1997
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Beatie & Osborne LLP
    599 Lexington Avenue, 42nd Floor, Beatie & Osborne LLP, NY 10022
    212.888.9000 212.888.9664 ·
  2. Nickle and Piasecki
    205 W Jefferson Boulevard; Suite 600, Nickle and Piasecki, IN 46601-1814
    219.232.4747 ·
  3. Rabin & Peckel LLP
    275 Madison Avenue, 34th Floor, Rabin & Peckel LLP, NY 10016
    212.682.1818 212.682.1892 · email@rabinlaw.com
No Document Title Filing Date
COURT: N.D. Indiana
DOCKET #: 98-CV-245
JUDGE: Hon. Robert L. Miller Jr.
DATE FILED: 04/19/1999
CLASS PERIOD START: 05/14/1995
CLASS PERIOD END: 10/30/1997
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Beatie & Osborne LLP
    599 Lexington Avenue, 42nd Floor, Beatie & Osborne LLP, NY 10022
    212.888.9000 212.888.9664 ·
  2. Nickle and Piasecki
    205 W Jefferson Boulevard; Suite 600, Nickle and Piasecki, IN 46601-1814
    219.232.4747 ·
  3. Rabin & Garland
    275 Madison Ave - 34th Flr, Rabin & Garland, NY 10016
    212.682.1818 ·
No Document Title Filing Date