According to the Order signed by U.S. District Judge Douglas P. Woodlock on November 1, 2001, the plaintiff, with the agreement of the parties, will file a Notice of Voluntary Dismissal. The matter is dismissed without costs and without prejudice. The case is closed.
The class action charges certain officers and directors of Advanced Technical San with issuing false and misleading financial statements and news releases about the company's earnings and related party transactions. According to the complaint, the company failed to disclose transactions that should have been made public under both Generally Accepted Accounting Principles and U.S. Securities and Exchange Commission (SEC) regulations. The transactions at issue were improper related party transactions.
In a number of filings with the SEC, the company revealed that its auditors, Ernst & Young, resigned because it was ``no longer willing to accept managements representations'' and that defendant Boxall had ``falsified documents and misrepresented past events'' concerning the company. Advanced Deposition filed for bankruptcy court protection on April 13, 2001. The Nasdaq Stock Market has suspended trading of Advanced Deposition.