According to the docket, the court entered its order of final approval of settlement and final judgment on 8/16/1999, terminating the case.
By the Notice of Proposed Settlement of the Class Action dated May 24, 1999, the stipulation of settlement was agreed to on March 11, 1999. The settlement is for $650,000.
The original complaint alleges that Streamlogic, certain officers and directors, and its underwriters violated federal securities laws by manipulating the price of Streamlogic common stock through a series of material misrepresentations and omissions regarding the company's ability to finance efforts to develop new products and lines of business, particularly in relation to the company's joint development efforts with Sattel Communications, Inc., when in fact: 1) due to continuing operating losses and pressing financial commitments, Streamlogic was in no financial position to fund any new development efforts; and 2) Sattel Communications had dated technologies and no research and development capabilities. The complaint alleges that Streamlogic's stock was traded on the Nasdaq National Stock Market until June 25, 1997, when it was delisted. The following day, June 26, 1997, the Company filed for protection under Chapter 11 of the federal bankruptcy laws.