According to the docket posted, on November 19, 2001, the Court entered the Mandate/Judgment from the U.S. Court of Appeals for the Eighth Circuit granting the joint motion for dismissal of the appeal.
Previously, on May 21, 2001, the Court entered the Order by Magistrate Judge Kathleen A. Jaudzemis denying the plaintiff’s motion for leave to file a consolidated second amended class action complaint. Further, Magistrate Judge Kathleen A. Jaudzemis issued a Report and Recommendation that the defendants’ motion to dismiss the consolidated amended class action complaint be granted. On September 27, 2001, the Court entered the Memorandum and Order by Chief Judge Richard G. Kopf accepting in its entirety the Report and Recommendation. That same day, the Court entered Judgment in favor of the defendants and the consolidated amended class action complaint was dismissed with prejudice. On October 25, 2001, the plaintiffs filed an appeal from the Memorandum and Order and Judgment.
The original complaint charges IBP and certain of its senior officers and directors with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule10b-5 promulgated thereunder. The complaint alleges that defendants issued a series of materially false and misleading statements concerning the Company's compliance with state and federal protection laws applicable to the Company's beef and pork production facilities. Because of the issuance of a series of materially false and misleading statements the price of IBP securities was artificially inflated during the Class Period. The action further alleges that prior to the disclosure of the adverse facts described above, defendants intended to use millions of shares of artificially inflated IBP common stock as currency for a proposed corporate acquisition.