According to a news article dated February 27, 2003, the U.S. District Court for the Eastern District of New York has approved a settlement of the class-action lawsuit
filed against Atec Group Inc. (TEC) on behalf of certain shareholders. In a Form 8-K filed Thursday with the Securities and Exchange Commission, Atec said the court approved the settlement Feb. 19. The class included all persons who purchased the company's common stock from Oct. 12, 1998, through May 19, 1999. The filing didn't provide the terms of the settlement. The suit, brought Aug. 23, 1999, alleged that Atec and some of its officers and directors violated certain SEC rules, including Rule 10b-5. The plaintiff sought to recover damages on behalf of all class members.
The company previously said the settlement will be paid by its insurance carrier.