According to the docket posted, on April 19, 2001, the plaintiffs filed a notice of appeal from the Judgment dismissing the case, and on February 25, 2002, the Court entered the certified copy of the Mandate from the Second Circuit Court of Appeals. The Judgment of the District Court was affirmed.
Previously, on March 21, 2001, the Court entered the Memorandum Decision signed by U.S. District Judge Denny Chin granting the defendants’ motions to dismiss the complaint. According to the Memorandum, the federal securities laws claims are dismissed with prejudice and the claim under Bermuda law is dismissed without prejudice. On March 23, 2001, the Court entered Judgment and the case was closed.
The original class action was commenced on behalf of the holders of Amway Asia Pacific Ltd. (``Amway'') common stock against Amway and its directors arising out of defendants' efforts to complete a management-led buyout of Amway at a grossly inadequate and unfair price and to provide certain insiders and directors with preferential treatment at the expense of, and which is unfair to, the public shareholders. On November 15, 1999, Amway announced that its President Douglas DeVos, Vice Chairman Richard DeVos, Jr. Chairman Stephen Van Andel together with New App Limited (``New App'') had submitted an offer to the Amway Board (which is controlled by Stephen Van Andel, Richard DeVos, Jr. and Douglas DeVos, (``Management Buyers'') who control approximately 85% of Amway's stock) to purchase the outstanding shares of Amway for $18.00 per share (the ``Acquisition''). In pursuing the unlawful plan to cash out Amway's public stockholders for grossly inadequate consideration, each of the defendants violated the applicable laws by directly breaching and/or aiding the other defendants' breaches of their fiduciary duties of loyalty, due care, independence and good faith and fair dealing. Instead of attempting to obtain the highest price reasonably available for Amway shareholders, the Individual Defendants spent substantial effort tailoring the structural terms of the Acquisition to meet the specific needs of the Management Buyers.
