Brad and all,
here is the article. while I agree that it is good to have this suit out of the way, the reserve is going to cover part and I do not think that this will allow management to be any more forthcoming about future possibilities - what stops this jerk from filing agin next week if the stock should fall?
Identix Resolves Class Action Suit
Business Wire - December 19, 1997 14:03
%IDENTIX IDX %CALIFORNIA %GOVERNMENT %COMPUTERS %ELECTRONICS %COMED V%BW
P%BW
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SUNNYVALE, Calif.--(BUSINESS WIRE)--Dec. 19, 1997--Identix Inc.
(ASE:IDX) Friday announced that it has reached an agreement with lead
plantiffs and their counsel to settle a securities class action lawsuit
pending against the company and two of its officers in Federal District
Court in San Jose.
A settlement agreement in the lawsuit entitled Rooney v. Identix Inc.
was signed this week and today received preliminary approval from the
U.S. District Court for the Northern District of California. Under
federal laws governing class action litigation, the settlement is
subject to final court approval following notice to class members.
The settlement agreement includes the defendants' strong denial of
wrongdoing. Identix Chairman, President and Chief Executive Officer
Randall C. Fowler said," While we do not believe that the company or any
of its employees did anything wrong, we are pleased to put an end to the
distraction inherent in litigation of this type so that we can maintain
our focus on the business opportunities that are ahead as we move into
1998."
The settlement will be funded largely with insurance proceeds. The
company's contribution will come from a reserve established in a prior
accounting period, Fowler said.
Identix designs, manufactures and markets biometric personal identity
and verification systems for security applications and products for law
enforcement that optically scan, analyze and transmit fingerprint
images.
Its subsidiary, ANADAC Inc., provides information technology,
engineering, systems integration and consulting services to government
and commercial entities. The company's Fingerscan subsidiary
manufactures and integrates commercial, financial and industrial
biometric verification systems for sale in the Pacific Rim, Southeast
Asia and other selected countries.
CONTACT: Allen & Caron Inc
Damon Wright (investors)
Owen Daley (media)
714/252-8440
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