Eagle Building Technologies, Inc. ("Eagle" or the Company) manufactures and sells building systems made from concrete blocks.

The original Complaint alleges that as a result of materially false and misleading statements concerning Eagle's products, operations and financial results, Eagle's securities traded at artificially inflated prices during the Class Period. The Complaint further alleges that the artificial inflation continued until the time Eagle acknowledged that its prior financial results, from December 31, 2000 to September 30, 2001, were overstated and that certain press releases issued by Eagle concerning post-September 11th security measures marketed by Eagle may have been false and misleading. This action seeks to recover damages on behalf of defrauded investors who purchased Eagle securities.

Several similar, purported class action lawsuits were also filed in the U.S. District Court for the Southern District of Florida. On May 23, 2002, the U.S. District Court for the District of Nevada issued an Order transferring the action to the U.S.D.C. for the Southern District of Florida. By order dated July 31, 2002, the United States District Court for the Southern District of Florida consolidated all of the class action cases, appointed certain parties as lead Plaintiffs and the attorneys for the Plaintiffs as lead co-Counsel for the class. The new case is styled In Re Eagle Building Technologies, Inc., Securities Litigation, Case Number 02-80294-CIV-RYSKAMP.

On February 11, 2004, a Notice of Commencement of Chapter 11 Bankruptcy Case was filed by Eagle Building Inc.

In a press release dated February 15, 2006, a hearing was scheduled before the Court on Apri1 3, 2006 to a) consider approval of the proposed settlement of this action for, among other consideration, $750,000, plus $25,000 for notice costs; b) certification of a Plaintiff class; c) Class Counsel's application for attorney's fees and reimbursement of expenses; and d) related matters in the above-captioned action brought on behalf of the Class.

According to the docket posted, on April 3, 2006, the Settlement Fairness Hearing was held before U.S. District Judge Kenneth L. Ryskamp. On April 4, 2006, the Court entered the Final Judgment and Order approving the settlement and dismissing the action with prejudice. The case is closed.