On March 30, 2007, the Court entered the Final Judgment and Order Approving Settlement, Certifying Class, and Dismissal With Prejudice. According to the Order, Class Counsel are awarded fees of $200,000.00 (33 1/3 %) and disbursements of $66,807.53 to be paid from the Settlement Fund. The case is closed.
In a press release dated February 6, 2007, a hearing has been scheduled before the Court on March 29, 2007 for the purpose of determining: (1) whether the Class should be finally certified as satisfying the applicable prerequisites for class action treatment under Fed. R. Civ. P. 23(a) and (b); (2) whether the proposed settlement of the above Action for the principal amount of $600,000, plus accrued interest should be approved by the Court as fair, reasonable and adequate; (3) whether a Final Judgment approving the Settlement and dismissing this litigation on the merits and with prejudice should be entered; and (4) whether an application of Class counsel for the payment of Attorneys' Fees and Expenses are reasonable and should be approved.
On November 17, 2006, a Stipulation of Settlement was filed. According to the Stipulation, a settlement fund in the amount of $600,000 has been established. On January 9, 2007, an Amended Stipulation of Settlement was filed.
According to the latest docket posted, on March 20, 2006, the Court entered the Opinion and Order signed by U.S. District Judge Kenneth A. Marra granting in part and denying in part one defendant’s motion to dismiss and denying another defendant’s motion to dismiss the Second Amended Complaint.
On July 31, 2003, the Court entered the Order granting the joint motion to consolidate the cases and granted the motion to appoint lead plaintiffs and approve lead plaintiffs' selection of co-lead and liaison counsel. On March 10, 2004, the plaintiffs filed a First Amended Class Action Complaint, and motions to dismiss the complaint were filed by the defendants on August 11, 2004. On March 30, 2005, the Court entered the Order granting the motions to dismiss the First Amended Complaint without prejudice, with leave to amend. On May 31, 2005, the plaintiffs filed a Second Amended Complaint, and the defendants filed motions to dismiss the Second Amended Complaint on July 15, 2005.
The original complaint charges defendants with violations of the Securities Exchange Act of 1934. It alleges that defendants issued a series of material misrepresentations that caused plaintiff and other members of the Class to purchase VoiceFlash common stock at artificially inflated prices.