By the Order and Final Judgment entered on May 26, 2004, the Court finds the Settlement and Plan of Allocation are fair, reasonable, and adequate. The Court dismisses the action against the defendants with prejudice and without costs except as provided in the Order and Final Judgment. Further, Plaintiffs’ Counsel is awarded the sum of $2,250,000 in fees, and $97,929.07 in reimbursement expenses, plus interest.
According to the docket posted, before the judge ruled on the Consolidated Amended Class Action Complaint, a Second Amended Consolidated Amended Class Action Complaint was filed on November 8, 2001. On January 14, 2002, the defendants filed a motion to dismiss the complaint. On March 6, 2002, the Court entered the Order of Discontinuance, discontinuing the action without prejudice. On January 29, 2004, a Stipulation and Agreement of Settlemnet was filed. The action was preliminary certified as a class action and Settlement Fairness Hearing was scheduled for May 19, 2004 at 12:30 p.m.
On February 26, 2001, plaintiffs filed a Consolidated Amended Class Action Complaint (the “Amended Complaint”). The Amended Complaint extends the class period beyond November 3, 1999. Accordingly, the action now seeks damages on behalf of purchasers of Steve Madden common stock between June 21, 1997 and June 20, 2000 for violations of the Securities and Exchange Act of 1934. Defendants in the action are: Steven Madden, Ltd.; the Company’s Chairman and Chief Executive Officer; the Company’s Chief Operating Officer, Director and President; and, the Company’s Chief Financial Officer, Secretary and Director. At this time, plaintiffs await defendants’ response to the Amended Complaint.
Between June and August 2000, eight putative securities fraud class action
lawsuits were commenced in the United States District Court for the Eastern
District of New York.). By Order dated December 8, 2000, the Court consolidated these eight actions, appointed Process Engineering, Inc., Michael Fasci and Mark and Libby Adams as lead plaintiffs and approved their selection of lead counsel.
The original lawsuit charges Steven Madden Ltd. and certain officers with violations of the federal securities laws by issuing materially false and misleading statements concerning the Company’s business and financial condition during the Class Period.