I think it is important. Class Action Settlement with CYOE is unjust. I think the reason that they want to settle it so quickly now is because the attorneys know they will get paid in cash from the insurance company and the stockholders of Diana get warrants from CYOE that are going to be worthless soon. If the case is not settled it will cost CYOE money and maybe the current insiders too. The attorneys do read this board because one of our operatives spoke to one of them once via P.M. Like all greedy class action attorneys they want their money and are going to leave the stockholders holding the bag. Stockholders get warrants for 9, 10,11 dollars and no cash.
Coyote Network Systems Clarifies Proposed Class Action Settlement
PR Newswire - March 30, 1999 13:34
WESTLAKE VILLAGE, Calif., March 30 /PRNewswire/ -- In response to numerous inquiries, Coyote Network Systems (Nasdaq: CYOE) believes the published proposed Class Action litigation settlement requires the following clarification as to the impact of the settlement on the Company:
As previously disclosed, the cash portion of the proposed settlement would be fully funded by the Company's insurance carriers and not from Company funds. Additionally, and as previously disclosed in the Company's 10K report, the proposed settlement with respect to the issuance of warrants at $9, $10, and $11 per share was fully reserved for in the Company's prior fiscal year, ended March 31, 1998.
No further charges are anticipated by the Company.
The settlement proposal fairly reflects the agreement by the parties and has been previously disclosed and accounted for during Coyote Network Systems prior fiscal year.
About Coyote Network Systems
Based in Westlake Village, CA, Coyote Network Systems provides telecom equipment, international long distance services and network management and customer support services. For more information, please visit the Company's Web site: cyoe.com, or call 1-818-735-5385.
The statements in this news release may be considered "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and involve known and unknown risks and uncertainties, which may cause the Company's actual results in future periods to be materially different from any future performance suggested in this news release. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. For more complete information, please refer to the Company's Form 10-K, Form 10-Q and other filings with the SEC.
SOURCE Coyote Network Systems
/CONTACT: Tony Squeglia of Coyote Network Systems, 818-735-5385,
A.Squeglia@cyoe.com/
/Web site: cyoe.com |
