SLAM!
Another slam against Palomar. Every time things look to be on track we have another gotcha come out of the woods.
Palomar Announces Ruling in Commonwealth Associates Matter
BEVERLY, Mass., Jan. 24 /PRNewswire/ -- Palomar Medical Technologies, Inc. (Nasdaq: PMTI) today announced that the
United States District Court for the Southern District of New York granted the motion of the plaintiff, Commonwealth Associates,
for partial summary judgment as to the issue of liability on the first claim in its complaint against Palomar for breach of contract.
The contract at issue is one in which Commonwealth Associates promised to serve as Palomar's financial advisor for a period of
nine months beginning in January, 1995, and to provide services in connection with possible merger and acquisition
transactions, and related matters. In return, it is alleged, Palomar promised to pay certain fees, furnish certain warrants, and
pay a premium if Palomar consummated an acquisition identified by Commonwealth Associates. No acquisitions were
consummated pursuant to the contract with Commonwealth Associates.
On the face of its complaint, Commonwealth Associates alleges that it suffered up to approximately $2.7 million in damages.
Palomar will vigorously contest at trial the amount of damages sought by Commonwealth Associates, and will appeal, if
necessary, the Court's grant of partial summary judgment. |
