All claims dismissed in long-standing investor litigation against Telos Corporation
GlobeNewswire•January 22, 2020
Circuit court closes case and orders costs paid by plaintiffs Costa Brava and Wynnefield
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)--sm Mt(0.8em)--sm" type="text" content="ASHBURN, Va., Jan. 22, 2020 (GLOBE NEWSWIRE) -- Telos ® Corporation, a leading provider of cyber, cloud and enterprise security solutions for the world’s most security-conscious organizations, today announced significant rulings in the litigation instituted in 2005 by the two plaintiffs, Costa Brava Partnership III, L.P. and Wynnefield Partners Small Cap Value, L.P. The circuit court found in favor of Telos, dismissing all remaining claims against all of the defendants. Multiple other claims brought by the plaintiffs had been dismissed in earlier phases of the litigation. Costa Brava noted an appeal from the circuit court’s judgment on January 17, 2020. Wynnefield did not pursue an appeal of the circuit court’s rulings.
" style="margin: 0px 0px 1em;">ASHBURN, Va., Jan. 22, 2020 (GLOBE NEWSWIRE) -- Telos ® Corporation, a leading provider of cyber, cloud and enterprise security solutions for the world’s most security-conscious organizations, today announced significant rulings in the litigation instituted in 2005 by the two plaintiffs, Costa Brava Partnership III, L.P. and Wynnefield Partners Small Cap Value, L.P. The circuit court found in favor of Telos, dismissing all remaining claims against all of the defendants. Multiple other claims brought by the plaintiffs had been dismissed in earlier phases of the litigation. Costa Brava noted an appeal from the circuit court’s judgment on January 17, 2020. Wynnefield did not pursue an appeal of the circuit court’s rulings.
“Needless to say, we’re very pleased by the Court’s rulings, which vindicate positions we have taken from the inception of the litigation,” said John B. Wood, Telos CEO and chairman. “We are also gratified that Wynnefield has elected to conclude its involvement in the case. Our focus remains, as it always has, on delivering superior cyber, cloud and enterprise security solutions for our customers and creating enhanced value for all of our shareholders.”
More information about the parties to the litigation, its course over the past fourteen years, and the circuit court’s recent rulings, is available through the company’s SEC filings, including Form 8-K filed December 23, 2019. |
