According to the docket dated , the court entered its Final Order and Judgment on June 20, 2002, approving the settlement and dismissing the complaint with prejudice.
According to the Notice of Proposed Settlement of Class Action dated April 8, 2002, the parties agreed to a settlement fund in the amount of $4,750,000 in cash and will include interest that accrues on the fund prior to distribution.
According to a Press Release dated 5/14/99, the Complaint alleges that the company issued false information about company earnings and growth potential, including an overstatement of assets in company financial statements, and the concealing of information that the company was about to lose a large contract with Glaxo Wellcome PLC. As a result, the company stock traded at artificially high prices during the class period. The complaint further alleges: (a) during the time the stock price was artificially high, the company held a secondary offering that benefited it and certain officers and controlling shareholders; (b) company insiders sold large quantities of personal stock at high prices; and (c) the company used its stock as currency for an acquisition.