Class Action Lawsuit is Settled By EEX.Business/Energy Editors HOUSTON--(BUSINESS WIRE)--June 27, 2000 EEX EEX European Energy Exchange EEX Enter Exponent Corporation (NYSE NYSE See: New York Stock Exchange :EEX) announced today that it has executed a memorandum of understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. ("MOU (Minutes Of Usage) A metric used to compute billing and/or statistics for telephone calls or other network use. ") to settle and resolve all claims asserted against the Company and certain of its current or former officers and directors in a consolidated securities class action pending in the United States District Court for the Northern District of Texas The United States District Court for the Northern District of Texas (N.D. Tex.) is a United States district court. Its first judge, Andrew Phelps McCormick, was appointed to the court on April 10, 1879. The court convenes in Dallas, Texas. (Gracy Fund L.P. v. EEX Corporation, et al). The MOU and settlement are subject to various terms and conditions, including reaching agreement on definitive terms of settlement, notifying class members and obtaining the Court's approval. Under the settlement described in the MOU, the Company would pay approximately $1.25 million on behalf of itself and its current and former officers and directors. This entire amount has been taken into accounting reserves at the end of the last fiscal quarter. EEX is entering into the MOU and settlement in order to avoid the costs, distraction and risks inherent in defending securities class actions in the courts. The Company and the individual defendants continue to deny all allegations of wrongdoing wrong·do·er n. One who does wrong, especially morally or ethically. wrong  do . EEX Corporation is an oil and natural gas exploration and production company with activities currently focused in Texas, the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east and Indonesia. This report includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Although EEX believes that its expectations are based on reasonable assumptions, it can give no assurance that its goals will be achieved. Important factors that could cause actual results to differ materially from those in the forward-looking statements include political developments in foreign countries, federal and state regulatory developments, the timing and extent of changes in commodity prices, the timing and extent of success in drilling, discovering, developing and producing or acquiring oil and gas reserves, and conditions of the capital and equity markets during the periods covered by the forward-looking statements. EEX's periodic reports filed with the Securities and Exchange Commission include a discussion of important factors that could cause actual results to differ materially from those indicated in forward-looking statements. For additional information, call 888/EEX-NEWS, or visit our Web site at http://www.eex.com |
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