On March 30, 2000, U.S. District Judge Charles L. Brieant issued a Final Judgment and Order dismissing the case, adopting all defined terms as set forth in the Stipulation of Settlement. The Class Counsel are awarded attorneys’ fees in the amount of 27.5% of the common fund, $467,500.00, such fees to be paid out of the Settlement Fund. According to Norland Medical Systems’ Form 10-K For the fiscal year ended December 31, 1999, the settlement fund totaled $1.7 million, funded solely by the Company's directors and officer's insurance carrier. The case is closed.
On July 22, 1998, the Court entered the Order signed by Judge Charles L. Brieant appointing the Johnsons and Fife as Lead Plaintiffs. The law firm of Goodkind
Labaton Rudoff & Sucharow LLP was appointed Lead Counsel. On August 12, 1998, an Amended Complaint was filed, and on December 21, 1998, the defendants filed an amended notice of motion do dismiss the Amended Complaint. On April 7, 1999, the Court entered the Memorandum and Order denying the defendants’ motion to dismiss. On January 4, 2000, a Stipulation of Settlement was filed, and, that day, the Court entered the Order preliminarily approving the settlement.
The original complaint alleges that Norland Medical Systems, the company's Chairman & President, and Vice President of Finance violated Section 10(b) of the Securities Exchange Act by disseminating false and misleading press releases, public filings and/or statements regarding the company's financial results for 1996 and for the first, second and third quarters of 1997.