CINAR Announces Preliminary Approval of Settlement of the Class Action Claims.Business Editors MONTREAL--(BUSINESS WIRE)--Aug. 2, 2002 CINAR Corporation announced today that it has signed a settlement agreement settling class actions brought against it and certain other defendants in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of . The settlement agreement formalizes the terms of the agreement in principle announced on April 26, 2002. The United States District Court for the Eastern District of New York EDNY redirects here, for other uses see EDNY (disambiguation). The United States District Court for the Eastern District of New York is the federal district court whose jurisdiction comprises the entirety of Long Island (including the portion in New York City) and Staten has preliminarily approved the terms of the settlement. Pursuant to the settlement that was preliminarily approved by the U.S. Court, the plaintiffs have agreed to receive an aggregate amount of US$25 million in full settlement of their claims against CINAR and certain other defendants. Furthermore, the U.S. Court directed that notice describing the terms of the settlement be distributed by plaintiffs to members of the class. The final court hearing in the United States to approve the settlement is expected to occur on or about November 19, 2002. The settlement is also conditional on the approval of the Quebec Superior Court Quebec Superior Court is the highest trial Court in the Province of Quebec, Canada. It consists of 144 judges who are appointed by the federal government following the recommendation of the Premier of Quebec. , and the parties are proceeding to seek that approval. CINAR has been issuing semi-monthly status updates since April 20, 2000. CINAR Corporation is an integrated entertainment and education company involved in the development, production, post-production and worldwide distribution of non-violent, quality programming and educational products for children and families. Visit CINAR's web site at www.cinar.com. This release may include information that could constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provision of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 (U.S.). Forward-looking statements are identified by words such as "believe", "anticipate", "expect", "intend", "plan", "will", "may" and other similar expressions. Actual results or conditions may differ from those anticipated by these and other forward-looking statements. Such forward-looking statements are subject to a number of known or unknown risks and uncertainties. |
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