According to the Company’s FORM 10-Q For The Quarterly Period Ended September 30, 2000, on October 4, 2000, the Court issued a decision granting the defendants' motion in full, and dismissing the Actions with prejudice. A judgment to that effect was entered on October 9, 2000.
As reported by the same SEC filing, on September 22, October 1, and October 12, 1999, complaints (the "Complaints") denominated as class actions (the "Actions") were filed in the United States District Court for the Southern District of New York (the "Court") against the Company, the Company's former Chairman and Chief Executive(incorrectly identified in the Complaints as the Chief Financial Officer and Senior Vice President of the Company). By order dated December 22, 1999, the Actions were consolidated for all purposes and lead plaintiffs and lead counsel were appointed. On February 28, 2000 plaintiffs filed a consolidated amended compliant. The amended complaint repeated the allegations made in the original complaints and added new allegations with respect to the timing of the reporting of certain losses experienced by Ogden, and added Ogden's Senior Vice President and Chief Financial Officer, as a defendant. There has been no discovery in the Actions. On April 28, 2000 all defendants filed a motion to dismiss the Actions, with prejudice.
The lawsuit charges Ogden and certain of its officers and directors with violations of the securities laws and regulations of the United States. The Complaint alleges that defendants issued a series of false and misleading statements concerning the Company's reorganization and its operations during the Class Period. The Complaint alleges that as a result of these materially false and misleading statements the price of Ogden stock was artificially inflated during the Class Period.