According to the docket, on September 28, 2001, the Court issued an Opinion and Order granting in part and denying in part the defendant’s motion to dismiss the amended class action complaint. On January 24, 2003, the Court issued an Order granting the motion for preliminary approval of the class action settlement and a Stipulation of Settlement was also filed. On March 31, 2003, the Court entered the Final Judgment of Dismissal with Prejudice and the case was closed.
The original Complaint alleges that, during the Class Period, KTI and the three officer defendants (collectively, the "Individual Defendants") violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by, among other things, intentionally concealing material facts about KTI's fourth quarter 1998 financial and operating results and KTI's true financial and operating condition during 1998.
The complaint further alleges that at some time prior to its April 14, 1999
public announcement of the termination of the merger agreement between KTI and Casella, Casella knew or should have known KTI's financial condition was
materially worse than had been represented to the public and failed to disclose it. The Complaint further alleges that the price of KTI's shares was
artificially inflated as a result of Defendants' omissions of material fact.