Another article. Soory if already posted.
NW
Subj: Identix Resolves Class Action Suit
Date: 97-12-19 14:38:18 EST
From: AOL News
BCC: Larry315
Identix Resolves Class Action Suit
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.
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