According to the Form 10-Q, For The Quarterly Period Ended April 2, 2000, the total settlement payment (including the costs of administering the settlement) was $11.9 million, of which approximately $5.3 million was paid on behalf of Anadigics, Inc. by the Company's insurers.
By the Order of Settlement and Final Judgment dated December 7, 1999, Magistrate Judge Freda L. Wolfson approved the Class Action Settlement. The action was dismissed and the case closed on December 8, 1999.
The original Complaint alleges that during the Class Period, Anadigics and the individual defendants made false and misleading statements about Anadigics's business and financial operations. Specifically, plaintiffs allege that throughout the Class Period, defendants knew yet failed to disclose and materially misrepresented the Company's financial position, including the fact that the Company had experienced a substantial reduction in orders and forecasts for orders for Anadigics's products from its customers, that the Company had experienced higher assembly costs and packaging-quality problems, that Anadigics's customers were experiencing a shift in demand to lower-cost wireless phones that do not use Anadigics's products, and that Anadigics's customers were delaying rolling out new phones.