LAWSUITS NEWS & LEGAL INFORMATION
Point Blank Class Action Settled for $34.9 Million Plus Company Shares
This is a settlement for the Securities/Stock Fraud lawsuit.
Point Blank Solutions, Inc., a manufacturer of protective body
armor, today announced that the United States District Court, Eastern District
of New York, has approved the settlement entered into in connection with the
securities class action against the Company and certain individual defendants,
as well as the related shareholder derivative action.
Under the terms of the settlement, the plaintiff class consists of all persons who purchased or otherwise acquired Point Blank Solutions, Inc. shares (formerly DHB Industries, Inc.) during the period November 18, 2003 through November 30, 2006.
The class action was settled for $34.9 million in cash, plus 3,184,713 shares of Company common stock. The derivative action was settled in consideration of Point Blank Solutions adopting certain corporate governance provisions and the payment of $300,000 as attorneys' fees and expenses to lead counsel in the derivative action. Included in the terms of the settlement are provisions releasing the Company and all of the Company's present and former officers and directors who were named in the class and derivative actions from any and all liability to members of the plaintiff class for the conduct alleged in the class action complaint. The Company has not admitted any wrongdoing.
Published on Jun-26-08
Under the terms of the settlement, the plaintiff class consists of all persons who purchased or otherwise acquired Point Blank Solutions, Inc. shares (formerly DHB Industries, Inc.) during the period November 18, 2003 through November 30, 2006.
The class action was settled for $34.9 million in cash, plus 3,184,713 shares of Company common stock. The derivative action was settled in consideration of Point Blank Solutions adopting certain corporate governance provisions and the payment of $300,000 as attorneys' fees and expenses to lead counsel in the derivative action. Included in the terms of the settlement are provisions releasing the Company and all of the Company's present and former officers and directors who were named in the class and derivative actions from any and all liability to members of the plaintiff class for the conduct alleged in the class action complaint. The Company has not admitted any wrongdoing.
Legal Help
If you have a similar problem and would like to be contacted by a lawyer at no cost or obligation, please fill in our form.Published on Jun-26-08
