According to the docket posted, on February 17, 1999, the Court entered the Stipulation and Order signed by U.S. District Judge Reginald C. Lindsay, consolidating all actions under "In Re Spectran Securities Litigation," Civil Action No. 98CV12003RCL. On February 17, 1999, the plaintiffs filed an Amended Complaint, and on March 26, 1999, the defendants filed a motion to dismiss the Amended Complaint. On March 30, 2001, the Court entered the both the Report and Recommendation and Judgment, granting the defendants’ motion to dismiss the complaint. The case was closed. On May 22, 2001, the Court further entered the Order granting the joint motion to dismiss the action and withdraw all pending motions. All motions were withdrawn and the documents were terminated as of November 6, 2001.
The original complaint alleges that defendants artificially inflated the price of SpecTran stock by misrepresenting Spectran's financial condition and financial results, causing the Company's investors to suffer significant financial losses. According to the complaint the defendants embarked on a scheme and continuing course of conduct to mislead the market into believing that defendants had corrected all of the problems at Spectran's Specialty Optics division, when in fact Specialty Optics was suffering from operating and inventory issues which were negatively impacting its earnings.