According to the Order and Final Judgement, dated October 8, 1998, by the U.S. District Judge Jed S. Rakoff, the case is dismissed with prejudice and without costs against any and all of the defendants, their past or present subsidiaries, parents, affiliates, etc. Counsel for plaintiffs and the Class are awarded the sum of 33 1/3% of the Gross Settlement Fund as and for their fees. Counsel for plaintiffs and the Class are also awarded the sum of $211,505.57 in reimbursement of expenses, from the cash in the Settlement Fund, with interest. The case is closed.
In the Press Release, dated 10/3/96, the original complaint charges Baesa, Pepsico Inc. and Charles H. Beach with violations of sections 10(b) and 20(a) of the Securities Exchange Act of 1934, by, among other things, misrepresenting the financial condition of the Company and by failing to disclose operational problems affecting Baesa. Because of the issuance of a series of materially false and misleading financial statements, the prices of Baesa ADS's and bonds were artificially inflated during the Class Period.