According to the docket dated May 02, 2001, the parties entered into a settlement agreement. On May 02, 2000, the court issued its Final Judgment for the plaintiffs terminating the case.

The original complaint alleges that Phoenix and certain of its directors and officers, its accounting firm, Ernst & Young, and the lead underwriter of its October 12, 1994 IPO, Auerbach, Pollak & Richardson, Inc., violated the federal securities laws by making misrepresentations in the prospectus for the IPO, the company's 1994 and 1995 annual reports, and various press releases. The complaint alleges that the misrepresentations related to undisclosed related party transactions and overstatements of revenue and earnings.