Ancor Settles Shareholder Class Action
MINNEAPOLIS, Nov. 9 /PRNewswire/ -- Ancor Communications, Incorporated (Nasdaq: ANCR), announced today that it has entered into a settlement agreement with plaintiffs in the shareholder securities class action that has been pending since July 1997. Today the United States District Court preliminarily approved a class action settlement that results in the creation of a fund in the amount of $1,650,000. Ancor will pay $250,000 of the total settlement amount and the remaining $1,400,000 will be paid by its insurer. Notice of the class action settlement will be sent to the class and the settlement is subject to final approval by the Court.
Kenneth E. Hendrickson, Ancor's Chief Executive Officer, said, "Although we viewed the case as completely without merit and continue to deny any liability, we agreed to enter into the settlement in order to avoid the distraction and expense of litigation."
About Ancor Communications
Ancor Communications, Inc. provides GigWorks(TM) high-performance storage and data-intensive network solutions based on Fibre Channel technology. The Company was the first to deliver a Fibre Channel switch, and the first to top the one-gigabit performance level. Ancor is a member of the Fibre Channel Association, the Storage Network Industry Association, the ANSI Standards Committee and the University of New Hampshire Fibre Channel Consortium to promote the advancement of Fibre Channel standards and interoperability. Information on Ancor is available on the World Wide Web at ancor.com
For more information about Fibre Channel technology and Ancor Fibre Channel solutions, call 800-342-7379 or access World Wide Web site ancor.com. Media, contact Mary Miller, Ancor, at 612-932-4071 or marym@ancor.com or Aaron Pearson, Shandwick, at 612-832-5000 or apearson@shandwick.com.
Forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995 are qualified by the risk factors outlined in the documents Ancor Communications, Inc. files with the Securities and Exchange Commission.
SOURCE Ancor Communications, Inc.
CO: Ancor Communications, Inc.
ST: Minnesota
IN: CPR
SU: LAW
11/09/98 17:36 EST prnewswire.com
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