According to the docket, on September 29, 2003, the Court entered the Final Judgment post remand. By the Final Judgment, the Final Judgment and Order of Dismissal with prejudice entered on August 5, 2003, is affirmed in light of the full remand of the case from the Eleventh Circut Court of Appeals. The case is dismissed with prejudice and the proposed class action settlement is fully approved and reaffirmed by the court.
Earlier, on March 1, 2002, the Court entered the Order by US District Judge Clarence Cooper granting the motion to dismiss the consolidated amended complaint with prejudice and the case was terminated. A Notice of Appeal was soon filed, and on March 4, 2003, the Court entered the certified copy of the Order from the US Court of Appeals granting the parties' joint motion to stay the appeal and for limited remand to the US District Court for purposes of approval of the settlement. The appeal was stayed pending the US District Court’s ruling on the settlement agreement. On May 6, 2003, a Stipulation of Settlement was filed, and on August 7, 2003, the Court entered the Final Judgment and Order of Dismissal with Prejudice.
The original complaint alleges that defendants iXL and certain of its officers violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market between February 2, 2000 and September 1, 2000, thereby artificially inflating the price of iXL common stock. Specifically, during the Class Period, defendants repeatedly stated that the Company was experiencing strong growth when, in fact, customer demand for iXL's products and services was seriously declining. When the Company revealed on September 1, 2000 that it was experiencing such a slowdown and would miss revenue expectations in the third quarter and record a pro forma net loss, iXL stock fell 16% to close at $7 per share, a significant decrease from the Company's Class Period highs in February 2000 of over $48 per share.