According to the Minute Order, dated March 27, 2001, the Court approved the settlement class certification. The Court granted plaintiff's motion for final approval of class action settlement and awarded class counsel, in the aggregate $1,341.532.00 in attorneys' fees and $87,527.56 as reimbursement of expenses. The case was dismissed with prejudice and closed. On December 19, 2001, the Court approved payment to David Berdon & Co., LLP, Claims Adminsitrator, in the aggregate amount of $34,384.78 and direct payment as well to Stull Stull & Boby in the amount of $588.56. Further, according to the Company’s Form 10-Q For the Quarterly Period Ended March 31, 2001, the Company agreed to settle all claims against all defendants in the consolidated complaint for $4,025,000.
The Complaint charges Nanophase and certain of its officers and directors with violations of the federal securities laws by making materially false and misleading statements about Nanophase's sales and earnings in connection with the initial public offering of Nanophase's common stock. As alleged in the complaint, due to the issuance of these false and misleading statements, the price of the Company's stock was artificially inflated during the class period.