Related cases were ordered consolidated on January 4, 2001. Lead plaintiff and co-lead counsel were approved on January 12, 2001. Prior to filing a Consolidated complaint, parties agreed to settle the case. Final approval was granted April 24, 2002.

According to the docket, on December 13, 2001, the Court received the Stipulation of Settlement by the Plaintiff. On April 29, 2002, the Court entered the Minutes approving the settlement agreement, granting the Plaintiff’s counsel’s application for an award of attorney fees, and denying the Plaintiff’s counsel’s application for reimbursement of expenses. The Court further entered the Final Judgment and Order by Judge Phyllis J. Hamilton dismissing action with prejudice.

The complaint charges Pilot and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Pilot provides comprehensive security services over the Internet. The Company provides secure access and gateway services, secure hosting and electronic commerce services, and secure extranet and virtual private networking services. Pilot's protected services include e-commerce and e-business services, Internet access and gateways, and extranet/VPN. On 10/18/00, Pilot announced that: (i) its CFO, who had joined the Company just three weeks prior, had resigned; (ii) its Vice President of Financial Planning had resigned; (iii) it would not meet analysts' expectations for the September quarter; and (iv) it was conducting a formal investigation into its revenue recognition practices.