FastComm and Former Employee Settle Lawsuit
Rick, This may help:
Business Wire - May 01, 1998 11:54
STERLING, Va.--(BUSINESS WIRE)--May 1, 1998--
Former Employee Michael Donnelly Settles with FastComm and Drops Lawsuit
Judge Reduces Jury Award in Davison Lawsuit
FastComm Communications Corp. (NASDAQ:FSCX) announced today that the Company and Michael Donnelly have reached a definitive settlement regarding the lawsuit filed on March 5, 1998 and disclosed in the Company's most recent Form 10Q filing. The settlement is final and Donnelly has withdrawn his lawsuit against FastComm, effective today.
In a separate matter, the Virginia Circuit Court reduced, by $100,000 plus interest from April 26, 1996, the February 17, 1998 award in favor of Gary Davison, the Company's former Chief Operating Officer. The Company is continuing its efforts to negotiate a settlement with Mr. Davison of the balance of the judgement in the amount of $1,188,233.
Forward looking statements are made in this release pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that all forward looking statements are subject to risks and uncertainties, including, without limitation, the timing of new announcements or introductions by the Company and its competitors, the hiring and retention of key employees, competitive pricing pressures, dependence on third party for components and products, and general economic conditions in the United States and international markets and the risk factors detailed from time to time in the Company's periodic reports and registration statements filed with the Securities and Exchange Commission.
CONTACT: FastComm
Mark Rafferty, 703/318-7750
Later, Gene |
