Orange 21 Inc.

Carlsbad, CA: (May-07-07) A consolidated securities class action suit was filed against Orange 21 Inc., owner of Spy Optic, manufacturer of sunglasses and goggles for action sports and youth lifestyle markets, and certain of the company's current and former officers and directors. The United States District Court for the Southern District of California issued an order approving the company's agreement to settle the consolidated securities class action that was pending in the Court against some of the company's current and former officers and directors and dismissing the action with prejudice. The suit, filed in March 2005 was resolved after Orange 21 Inc. agreed to pay $1.4 million to the class of plaintiffs and for plaintiffs' attorneys' fees from proceeds of the company's directors' and officers' insurance. None of the settlement payment will be paid by the company. [BUSINESS WIRE: SECURITIES FRAUD]

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