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Occam Networks Reaches $12.66 Million Settlement in Securities Class Action
This is a settlement for the Securities/Stock Fraud lawsuit.
Occam Networks announced that it has agreed to settle and resolve a stockholder class action lawsuit initially filed on April 26, 2007 against Occam, certain of its current and former officers and directors, Occam`s current and former outside auditors, and the lead underwriter of Occam`s November 2006 secondary public
offering.
The litigation is pending in the United States District Court for the Central District of California and relates to a restatement of Occam`s historical financial statements that was announced and completed during 2007. The settling parties have entered into a memorandum of understanding and will sign and submit a formal, binding stipulation of settlement to the court in the coming weeks.
The settlement will resolve this matter as to all defendants other than Occam`s current outside auditor who is not part of this settlement.
The settlement provides for a payment to the class of $12.66 million, of which Occam has agreed to contribute $1.7 million and the balance of which will come from Occam`s insurers and another settling defendant. The class action settlement is subject to preliminary and, following notice to class members, final approval by the United States District Court for the Central District of California
SEPT-11-09: Occam Networks Reaches Settlement [REUTERS: OCCAM NETWORKS REACHES SETTLEMENT]
Published on Sep-11-09
The litigation is pending in the United States District Court for the Central District of California and relates to a restatement of Occam`s historical financial statements that was announced and completed during 2007. The settling parties have entered into a memorandum of understanding and will sign and submit a formal, binding stipulation of settlement to the court in the coming weeks.
The settlement will resolve this matter as to all defendants other than Occam`s current outside auditor who is not part of this settlement.
The settlement provides for a payment to the class of $12.66 million, of which Occam has agreed to contribute $1.7 million and the balance of which will come from Occam`s insurers and another settling defendant. The class action settlement is subject to preliminary and, following notice to class members, final approval by the United States District Court for the Central District of California
SEPT-11-09: Occam Networks Reaches Settlement [REUTERS: OCCAM NETWORKS REACHES SETTLEMENT]
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