Del gets OK to settle class-action suit

Del Global Technologies has received approval from the U.S. District Court in the Southern District of New York for an agreement to settle a securities class-action suit.

Under the court-approved agreement, Del will pay members of the class $2 million in cash, $2 million of subordinated promissory notes due in five years with interest at 6% per year, 2.5 million shares of common stock, and warrants to purchase one million shares of common stock at $2 per share (expiring six years from date of execution).

As a result of the agreement, the court dismissed all claims against Del and other defendants without any findings of liability or wrongdoing by any party, according to the Valhalla, NY-based vendor.

By AuntMinnie.com staff writers
February 5, 2002

Related Reading

Del adopts shareholder rights plan, September 17, 2001

Del names Park CEO, settles lawsuits, July 27, 2001

Del to shut down DynaRad facility, May 16, 2001

Del Global comeback hits snag with CEO resignation, SEC order, February 28, 2001

Copyright © 2002 AuntMinnie.com

Page 1 of 3442
Next Page