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 staff writers
February 5, 2002

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Copyright © 2002

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