On April 22, 2005, a Notice of Proposed Settlement and Hearing Thereon, and Right to Share in Settlement Proceeds of $600,000, was filed. A Settlement Hearing was set for August 10, 2005. At the hearing, the Court approved the settlement, the plan of allocation, and awarded reimbursement of expenses. The Court entered the Final Judgment and Order of Dismissal with Prejudice.
On August 23, 2004, the Court entered the Stipulation and Order signed by U.S. District Judge Mary Ann Vial Lemmon. According the Stipulation and Order, the lead plaintiffs' selection of counsel is approved. Lerach Coughlin Stoia Geller Rudman & Robbins LLP and Federman & Sherwood are appointed co-lead counsel for the class and Barrasso Usdin Kupperman Freeman & Sarver LLC is appointed as liaison counsel.
The complaint alleges that the Company issued false and misleading representations thereby causing Company shares to trade at artificially inflated levels. The lawsuit further alleges that Trico continuously informed investors that, even though the Company was sustaining losses each quarter, its future earnings prospects were favorable. The complaint further alleges that these favorable prospects were touted even though the defendants were in possession of information which showed that the Company's operations would continue to experience losses and their core business was in an area of declining revenues. The action is pursuing remedies under the Securities Exchange Act of 1934.