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Case Status:    SETTLED
On or around 09/10/2009 (Date of order of distribution of settlement)

Filing Date: April 11, 2002

As disclosed by the Company’s FORM 10-Q Ffor the quarterly period ended June 30, 2005, in 2002, in July 2002, the court consolidated nine similar actions, and in May 2003, the case was transferred to federal district court in Montana. In May 2004, defendants filed a motion to dismiss plaintiffs’ second amended complaint, and in June 2004, plaintiffs filed their opposition and defendants filed their reply. Defendants have reached an agreement in principle with plaintiffs to settle the federal class action subject to documentation and court approval. Under the proposed agreement, any settlement amount will be paid by the Company’s insurance carrier and will not involve any out-of-pocket payment by the Company or the individual defendants. In light of the proposed settlement, the parties have requested that the hearing on defendants’ motion to dismiss be taken off calendar, without prejudice to their right to reinstate the motion in the event the parties are not successful in negotiating the terms of the final settlement papers.

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 20,
2001 and April 1, 2002, thereby artificially inflating the price of Stillwater
securities. Throughout the Class Period, as alleged in the complaint,
Stillwater issued a series of materially false and misleading statements
regarding its financial performance and filed reports confirming such
performance with the United States Securities and Exchange Commission ("SEC").
The complaint alleges that these statements were materially false and
misleading because, among other things, (i) SWC improperly classified
"mineralized material" as "probable reserves"; (ii) defendants' improper
manipulation of probable reserves overstated Stillwater's class period net
income because defendants depreciated Stillwater's plant and equipment costs
according of the life of these reserves. If defendants had properly accounted
for these reserves, depreciation would have occurred much faster; and (iii) the
reduction in probable reserves will likely result in an impairment charge, or a
restatement of at least fiscal year 2001 results. Furthermore, defendants
failed to disclose that the SEC had advised Stillwater by mid-December 2001/
early January 2002 that its methodology for the calculation of probable ore
reserves was improper and would have to be changed.

The complaint further alleges that on April 2, 2002, when defendants belatedly disclosed that the Company's accounting practices had been condemned by the SEC, the stock dropped by 24% in one day on extraordinarily high volumes of 4,743,600 shares traded, vastly greater than the Company's average trading volume of approximately 400,000 shares per day. The full extent of Stillwater's losses is still unknown to the market, since the revision to reserves could adversely impact 2001 net income, and result in a downward financial restatement of prior quarters.

On June 2, 2003, a Consolidated Amended Complaint for Violation of the Securities Exchange Act of 1934 was filed by the lead plaintiffs against the defendants.

On December 17, 2007, an Order and Final Judgment was issued pursuant to Stipulation of Settlement of Class Action in favor of PGM Associates LP, Sunshine Wire and Cable Defined Benefit Pension Plan Trust against Stillwater Mining Company.

COMPANY INFORMATION:

Sector: Basic Materials
Industry: Metal Mining
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: SWC
Company Market: New York SE
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: D. Montana
DOCKET #: 02-CV-02806
JUDGE: Hon. Denny Chin
DATE FILED: 04/11/2002
CLASS PERIOD START: 04/20/2001
CLASS PERIOD END: 04/01/2002
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Berger & Montague PC
    1622 Locust Street, Berger & Montague PC, PA 19103
    800.424.6690 215.875.4604 · investorprotect@bm.net
  2. Bernstein Liebhard & Lifshitz, LLP (New York)
    10 E. 40th Street, 22nd Floor, Bernstein Liebhard & Lifshitz, LLP (New York), NY 10016
    800.217.1522 · info@bernlieb.com
  3. Brian Felgoise
    230 South Broad Street, Suite 404 , Brian Felgoise, PA 19102
    215.735.6810 215/735.5185. ·
  4. Cauley Geller Bowman Coates & Rudman LLP (Little Rock, AR)
    P.O. Box 25438, Cauley Geller Bowman Coates & Rudman LLP (Little Rock, AR), AR 72221-5438
    501.312.8500 501.312.8505 ·
  5. 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
  6. Law Offices of Marc S. Henzel (Lawrence)
    335 Central Avenue, Law Offices of Marc S. Henzel (Lawrence), NY 11559
    516.374.0707 516.295.3473 · securitiesfraud@comcast.net
  7. Mark McNair
    1919 Pennsylvania Avenue, NW, Suite 800, Mark McNair , DC 20006
    703.273.3070 · wmmcnair@justice4investors.com
  8. Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY)
    One Pennsylvania Plaza, Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY), NY 10119-1065
    212.594.5300 ·
  9. Rabin & Peckel LLP
    275 Madison Avenue, 34th Floor, Rabin & Peckel LLP, NY 10016
    212.682.1818 212.682.1892 · email@rabinlaw.com
  10. The Emerson Firm
    2228 Cottondale Avenue, Suite 100, The Emerson Firm, AR 72202
    800.663.9817 501.907.2556 · epllp@emersonpoynter.com
  11. Wechsler Harwood LLP
    488 Madison Avenue 8th Floor, Wechsler Harwood LLP, NY 10022
    212.935.7400 · info@whhf.com
  12. 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: D. Montana
DOCKET #: 03-CV-00093
JUDGE: Hon. Denny Chin
DATE FILED: 03/30/2004
CLASS PERIOD START: 04/20/2001
CLASS PERIOD END: 04/01/2002
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Milberg Weiss Bershad & Schulman LLP (New York)
    One Pennsylvania Plaza, 49th Floor, Milberg Weiss Bershad & Schulman LLP (New York), NY 10119
    212.594.5300 212.868.1229 · info@milbergweiss.com
  2. Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY)
    One Pennsylvania Plaza, Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY), NY 10119-1065
    212.594.5300 ·
  3. 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