To all: Well, here apparently is one load off of management's shoulders. Jan, should I congratulate you or weep at your return?? JDN
Command Systems Announces Court's Preliminary Approval of Settlement in Pending Class Action Litigation
FARMINGTON, Conn.--(BUSINESS WIRE)--June 16, 1999--Command Systems, Inc. (NASDAQ: CMND) today announced that the United States District Court for the Southern District of New York has preliminarily approved the settlement of a consolidated securities class action against it and certain of its officers and directors. The Court directed that notice be given to a conditionally certified class of shareholders of Command Systems common stock. The Court set a hearing for August 10, 1999 to consider final approval of the proposed settlement.
The proposed settlement would result in the distribution of $5.75 million plus accrued interest, minus approved attorneys' fees and related expenses, to persons who purchased the common stock of Command Systems during the period March 12, 1998 through April 29, 1998, inclusive. Of the final settlement amount, the Company will be reimbursed for all but $1.65 million, plus the interest thereon. In addition, the Company may be responsible for certain legal fees and related expenses incurred in connection with the litigation. There can be no assurance, however, that a settlement will receive final approval by the Court.
Command Systems, whose main office is in Farmington, Connecticut, provides a wide range of information technology solutions and services, consulting, training and outsourcing to financial services organizations to support their evolving business processes and systems requirements. Its web site is commandsys.com
Statements contained in this document which are not historical fact are forward-looking statements based upon management's current expectations that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements.
CONTACT:
BSMG Worldwide, New |
