The Tube Media Corporation broadcasts live music on network television 24 hours a day.

The original Complaint alleges that Tube Media, and certain of its officers and directors, violated the Securities Exchange Act of 1934. During the class period, Defendants made false public statements and omitted material information about Tube Media's failure to pay employee payroll taxes to the government. The Company also failed to account properly on its financial statements for compensation expense. At one point Tube Media stock traded at $0.015.

On December 11, 2007, the Court granted the motion to appoint Brett Friedman, Trent and Kathy Martin, Wendy Rhodes Frisone, and Philip May as lead Plaintiffs. Vianale & Vianale LLP was appointed as lead Counsel. On January 14, 2008, the lead Plaintiffs filed an Amended Class Action Complaint. In February 2008, Defendants filed motions to dismiss the Amended Complaint. Before any ruling on the motions to dismiss, the parties filed a Settlement Agreement. According to the Agreement, the parties have agreed to the settle the action in the amount of $600,000, including any award of attorneys' fees and expenses. On June 30, 2008, the settlement was preliminarily approved. A Settlement Hearing was scheduled for October 3, 2008.

On October 3, 2008, the Settlement Hearing was held before U.S. District Judge Paul C. Huck. At the Hearing, the settlement was granted and the lead Counsel was awarded 25% of the Gross Settlement, plus $39,446.72 in reimbursement of expenses. On December 18, 2008, Judge Huck issued the Final Judgment and Order of Dismissal with Prejudice. The case is now closed.