District Court Dismisses Shareholder Suit Against SCB Computer Technology, Inc.Business Editors & Technology Writers MEMPHIS Memphis, city, ancient Egypt Memphis (mĕm`fĭs), ancient city of Egypt, capital of the Old Kingdom (c.3100–c.2258 B.C.), at the apex of the Nile delta and 12 mi (18 km) from Cairo. , Tenn.--(BUSINESS WIRE)--Feb. 20, 2001 SCB ScB abbr. Latin Scientiae Baccalaureus (Bachelor of Science) Computer Technology, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :SCBI SCBI Sportfishing Club of the British Isles ) announced today that the United States District Court for the Western District of Tennessee The United States District Court for the Western District of Tennessee is the Federal district court whose jurisdiction comprises the following counties: Benton, Carroll, Chester, Crockett, Decatur, Dyer, Fayette, Gibson, Hardeman, Hardin, Haywood, Henderson, Henry, Lake, , Western Division, has dismissed with prejudice a class-action lawsuit filed on behalf of SCB's shareholders against the Company, certain of its current and former directors and officers, and Ernst & Young LLP LLP - Lower Layer Protocol , the Company's former independent auditor Independent Auditor An external auditor with a certified public accounting designation that qualifies him or her to provide an auditor's report. Notes: These auditors aren't affiliated with the company being audited. . The lawsuit, originally filed in April 2000, stemmed from SCB's decision to restate certain of its prior financial statements. The plaintiffs generally alleged that the defendants had made false and misleading statements regarding SCB's financial results and financial statements in violation of federal securities laws. In response, SCB and the other defendants filed motions to dismiss the case as a matter of law. The district court granted the defendants' motions to dismiss in their entirety and, therefore, dismissed the case with prejudice. The plaintiffs have 30 days in which to appeal the decision. T. Scott Cobb, the president and chief executive officer of SCB, said, "We obviously are very pleased with the district court's decision to dismiss the lawsuit. We look forward to continuing our efforts to improve and expand our business without the unnecessary distraction of this case." Certain statements contained in this press release and related statements by management of SCB may be deemed to be forward-looking statements. These forward-looking statements involve a number of risks and uncertainties, including the risks described in SCB's filings with the Securities and Exchange Commission. SCB undertakes no obligation to update this forward-looking information except as required by law. SCB Computer Technology, Inc. is a leading provider of information technology management and technical services to Fortune 1000 companies, state and local governments, and other large organizations. |
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