According to the docket, on November 5, 2002, a settlement hearing was held before U.S. District Judge A. Joe Fish. At the hearing, the Court awarded representative plaintiffs' counsel attorneys' fees of 25% of the settlement fund and reimbursement of litigation expenses in the amount of $111,528.66, together with the interest earned.
The Court further approved the Plan of Allocation set forth in the Notice. On November 6, 2002, the Court entered the Final Judgment and Order of Dismissal with Prejudice, and the case was closed.

Earlier, on September 14, 2000, the Court entered the Order consolidating all actions under civil action number 3:00-CV-1662-G. On December 7, 2000, the Court entered the Order appointing lead plaintiff and approving lead plaintiff’s choice of counsel. On May 4, 2001, the plaintiffs filed a First Consolidated Amended Complaint and the defendants responded with motions to dismiss the complaint. On April 23, 2002, the Court entered the Memorandum and Order signed by Judge Fish denying the motions to dismiss. A Notice of Settlement and a Stipulation of Settlement were later filed. According to the Stipulation of Settlement, the Settlement Fund established was in the amount of $2,200,000 in cash, plus interest, and 3,000,000 shares of MAX Internet common stock. On August 19, 2002, the Court entered the Order preliminarily approving the settlement, and a settlement hearing was scheduled for November 5, 2002 at 9:30 a.m.

The original action seeks damages for violations of the federal securities laws on behalf of all investors who purchased MAX common stock between November 15, 1999 and May 12, 2000 (the “Class Period”). On May 12, 2000, MAX disclosed that its previously reported financial results for the six and three month periods ending December 31, 1999 were false and that the Company had improperly recognized sales based upon falsified documentation. The Company also disclosed that it was restating those prior results by more than $10 million. The complaint alleges that as a result, the price of MAX common stock was artificially inflated during the Class Period.