Concord, NH: (Jun-27-07) A consolidated securities class action lawsuit was brought against Stockeryale Inc. A settlement agreement was entered into by the company and the lead plaintiffs, and the proposal was submitted to the US District Court for the District of New Hampshire for preliminary approval.
The settlement stated that Stockeryale had agreed to pay $3.4 million to the plaintiffs, while not admitting any wrongdoing. The company has denied and continues to deny any and all allegations of wrongdoing by the company or any of the individual defendants in connection with this matter, but the company believes that given the uncertainties and cost associated with litigation, the settlement is in the best interests of the company and its stockholders. The settlement amount will be paid by the company's insurance carrier. The settlement would resolve all claims asserted against the company and the individual defendants. [STREET INSIDER: SECURITIES FRAUD]
