According to the docket posted on this website, the court entered its order and final judgment for the plaintiffs and against the defendants on November 27, 2002.
As reported by the Company's SEC 10-Q Filing for the quarterly period ended March 29, 2002, Advanced Technical Products, Inc. and certain of its Officers and Directors have been named in a number of lawsuits filed during July 2000 in the United States District Court for the Northern District of Georgia. During October 2000, the lawsuits were consolidated and in January 2001, an amended complaint was filed. During January 2002, a memorandum of understanding (“MOU”) was entered into by the Company and plaintiffs’ counsel outlining terms and conditions for settlement of the suit. The MOU provides for a settlement amount of $2,950,000, $983,000 of which would be paid by the Company and $1,967,000 of which would be paid by the Company’s insurance carrier. If final court approval is received and payment is made, the Company will be released from all further claims held or made by the shareholder class with respect to matters raised in the suit. The Company’s portion of the settlement was accrued during the fourth quarter of 2001.
The original class action suit charges Advanced Technical Products, Alcore and certain former officers of Alcore, with violations of the federal securities laws by issuing materially false and misleading financial statements concerning Advanced Technical Products. The Company has restated its financial statements for the year-end 1998 and its first three fiscal quarters of 1999. The restatement resulted in a substantial reduction to the Company’s previously reported earnings.