Johnstown, Pa. — Locally based Crown American Realty Trust (CART) recently announced that a Final Judgment and Order of Dismissal has been entered by the United States District Court for the Western District of Pennsylvania in a shareholder class action suit against the company.
The order was entered following a settlement hearing on May 31, 2001. Shareholders filed the class action against the company and some of its executive officers to recover alleged damages resulting from a decline in the market price of the company stock in August 1995 following the announcement of various operational and capital resource initiatives. Both CART and the individual officers denied liability throughout the litigation.
The company reached a settlement of the action on February 8, 2001, which was entirely covered by insurance. Because of the settlement, class members in connection with the action have released the company and its officers from all claims.