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Case Status:    SETTLED
On or around 06/29/2005 (Other)

Filing Date: March 26, 2002

According to the docket, a Stipulation of Settlement was filed by Saf T Lok on February 4, 2005. A settlement amount of $1,200,000 in cash was established. On June 29, 2005, the Court entered the Order granting in part and denying in part the motion for attorney’s fees and expenses. Plaintiff's counsel was awarded (20%) which is $240,000, in attorney's fees and $114,494.29 in expenses from the Gross Settlement Fund. The case was closed.

As summarized by the Notice of Pendency dated February 16, 2005, on September 13, 2002, a Consolidated Amended Class Action Complaint was filed. Motions to dismiss the Consolidated Complaint were filed by all Defendants. The Court dismissed the Consolidated Complaint on July 3, 2003, but granted leave to replead. Lead Plaintiff filed his Second Consolidated Amended Class Action Complaint on August 4, 2003, and then on September 17, 2003, with leave of Court, filed the Third Consolidated Amended Class Action Complaint (the “Third Consolidated Amended Complaint”). Defendants moved to dismiss the Third Consolidated Amended Complaint on October 24, 2003, which the Court denied in an Order dated March 3, 2004. Defendants answered the hird Consolidated Amended Complaint on March 31, 2004. The parties thereafter engaged in settlement discussions and to that end, met in New York City on June 28, 2004 to attend a day-long mediation session with the assistance of former federal Judge Nicholas Politan. The parties continued settlement discussions with the assistance of former Judge Politan after the mediation until the settlement described in this notice was achieved. On October 29, 2004, the bankruptcy court for the Western District of Pennsylvania entered an order approving the use of the proceeds of Saf T Lok’s directors’ and officers’ liability policy to fund the Individual Defendants’ contribution to the Settlement.

The original Complaint alleges that defendants violated Sections 10(b) and 20(a) of
the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by
issuing a series of material misrepresentations to the market between April 14,
2000 and April 16, 2001, thereby artificially inflating the price of Saf T Lok
securities. Throughout the Class Period, as alleged in the complaint,
defendants filed materially false and misleading financial statements with the
U.S. Securities & Exchange Commission, which, among other things, did not
comply with Generally Accepted Accounting Principles. Specifically, at the
start of the Class Period, defendants disclosed that the Company had terminated
its exclusive consumer market distribution agreement with United Safety Action,
Inc. ("USA") and that the Company itself would now be permitted to market its
products to retail customers. The complaint alleges that the financial
statements filed by defendants failed to disclose, among other things, that (1)
a catalog retailer had previously obtained Company products from USA at a
sharply reduced price and was now selling these products at extremely low
prices, thereby limiting the market opportunity for the Company; (2) the
Company's earnings, assets and shareholder equity were overstated by at least
$3.2 million; and (3) the Company's inventories were not stated at the lower of
cost or market, as represented. When this information was finally disclosed on April 16, 2001, the last day of the Class Period, the stock price of Saf T Lok fell to under $0.30 per share. Subsequently, on May 15, 2001, the Company's securities were delisted from the NASDAQ Small Cap Market and are currently traded on the OTC (Over The Counter) Bulletin Board.

NOTE: Saf T Lok filed for bankruptcy protection on May 22, 2002.

COMPANY INFORMATION:

Sector: Consumer Non-Cyclical
Industry: Personal & Household Products
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: LOCK
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. Florida
DOCKET #: 02-CV-80252
JUDGE: Hon. Kenneth L. Ryskamp
DATE FILED: 03/26/2002
CLASS PERIOD START: 04/14/2000
CLASS PERIOD END: 04/16/2001
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Law Offices of Charles J. Piven, P.A.
    World Trade Center-Baltimore,401 East Pratt Suite 2525, Law Offices of Charles J. Piven, P.A., MD 21202
    410.332.0030 · pivenlaw@erols.com
  2. Milberg Weiss Bershad Hynes & Lerach LLP (Boca Raton)
    The Plaza, Suite 900, 5355 Town Center Road, Milberg Weiss Bershad Hynes & Lerach LLP (Boca Raton), FL 33486
    561.361.5000 ·
  3. Much, Shelist, Freed, Denenberg, Ament & Eiger, P.C.
    200 N LaSalle St Ste 2100, Much, Shelist, Freed, Denenberg, Ament & Eiger, P.C., IL 60601
    312.346.3100 ·
  4. Rabin & Peckel LLP
    275 Madison Avenue, 34th Floor, Rabin & Peckel LLP, NY 10016
    212.682.1818 212.682.1892 · email@rabinlaw.com
  5. Schatz & Nobel, P.C.
    330 Main Street, Schatz & Nobel, P.C., CT 06106
    800.797.5499 860.493.6290 · sn06106@AOL.com
  6. Wolf Haldenstein Adler Freeman & Herz LLP (New York)
    270 Madison Avenue, Wolf Haldenstein Adler Freeman & Herz LLP (New York), NY 10016
    212.545.4600 212.686.0114 · newyork@whafh.com
No Document Title Filing Date
COURT: S.D. Florida
DOCKET #: 02-CV-80252
JUDGE: Hon. Kenneth L. Ryskamp
DATE FILED: 09/17/2003
CLASS PERIOD START: 04/14/2000
CLASS PERIOD END: 04/16/2001
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Milberg Weiss Bershad & Schulman LLP (Boca Raton)
    5355 Town Center Road, Suite 900, Milberg Weiss Bershad & Schulman LLP (Boca Raton), FL 33486
    561.361.5000 561.367.8400 · info@milbergweiss.com
  2. Milberg Weiss Bershad Hynes & Lerach LLP (Boca Raton)
    The Plaza, Suite 900, 5355 Town Center Road, Milberg Weiss Bershad Hynes & Lerach LLP (Boca Raton), FL 33486
    561.361.5000 ·
  3. Vianale & Vianale LLP (former Boca Raton)
    The Plaza - Suite 801, 5355 Town Center Road., Vianale & Vianale LLP (former Boca Raton), FL 33486
    561.391.4900 561.368.9274 · info@vianalelaw.com
No Document Title Filing Date