February 2011 - If you purchased or otherwise acquired the common stock (“Stock”) of Industrial Enterprises of America, Inc. (“IEAM” or the “Company”) during the period from December 4, 2006 through and including November 7, 2007, and suffered losses, you could get a payment from a class action settlement (the “Settlement”). If approved by the Court, the Settlement will provide $3,400,000.00, plus interest (the “Settlement Amount”), to pay claims of investors who purchased IEAM Stock during the period from December 4, 2006 through and including November 7, 2007 (the “Class Period”). The Settlement Amount (less $100,000 for previously incurred notice costs that were paid by Defendants’ Insurer) shall be comprised of $2,300,000 in a Payment Fund and $1,000,000 in a Holdback Fund. A hearing will be held in New York, New York on May 18, 2011. At this hearing, the Court will consider whether the Settlement is fair, reasonable, and adequate and whether to approve the Settlement.

November 2009 - The Class Action includes the issue of whether, in violation of §10(b) and §20(a) of the Securities Exchange Act of 1934, IEAM and five of its principal officers overstated its revenue in the Company’s publicly filed financial statements and other public announcements. IEAM, John Mazzuto, Jorge Yepes, Dennis O’Neill, Robert Redmond and James Margulies are the Defendants. All Defendants deny they did anything wrong. The Lead Plaintiffs representing Class members are Carl Meisner, Ronald Goldenberg and Carl Haeussler. The Settlement resolves all of the claims in this Class Action.