According to the docket, on November 9, 2004, the Court entered the Stipulation and Order of Dismissal by U.S. District Judge Jed S. Rakoff dismissing the action with prejudice and without costs to either party.
On June 3, 2002, the Court entered the Judgment dismissing the Second Amended Complaint with prejudice and the case was closed. The Plaintiff soon after filed a Notice of Appeal, and on February 5, 2004, the Court entered the Mandate of the US Court of Appeals affirming in part and reversing in part the judgment of the District Court.
The original Complaint alleges that during the Class Period, the Company failed to register the Company's offering of securities with the Securities and Exchange Commission as required by Sections 6 and 7 of the Securities Act, and no exemption from registration was applicable to the Company's securities offering. In addition, the Complaint alleges that in connection with the offering, the Company made misstatements of material facts, and omitted material facts from its disclosures required so as not to make the disclosures misleading, all in connection with the Company's financial condition, and prospects for financing the Company's business. On June 29, 2000, the Company and two of its subsidiaries filed for protection under the Bankruptcy Code.
The First Identified Complaint was amended on or about May 31, 2001. The Amended Complaint seeks remedies for violations of Section 12(a)(1) and (a) (2) of the Securities Act of 1933 against the individual defendants as control persons pursuant to Section 15 of the Securities Act. Copy of the Amended Complaint is available from the Court.