Home / Knowledge / News / Apparel/Garments / Point Blank Solutions settles suit with shareholders
Point Blank Solutions settles suit with shareholders
26
Jun '08
Point Blank Solutions Inc a leader in the field of protective body armor, 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.

The decision approving the settlement was announced from the bench earlier by U.S. District Judge Joanna Seybert, who directed the parties to submit a written order embodying the decision. The decision approving the settlement is subject to appeal.

Larry Ellis, President and CEO of Point Blank Solutions Inc stated, “The Courts' ruling resolves another legacy issue and removes uncertainty surrounding our Company and potential liability.”

Ellis continued, commenting on the previously announced strategic process and the Company's position: “I am confident in our Company's future and look forward to communicating our progress with our shareholders and other constituents.

We are continuing on our path of pursuing all strategic alternatives while growing our market position both domestically and internationally.”

Investors who are part of the plaintiff class should contact lead counsel for the plaintiffs, Coughlin Stoia Geller Rudman & Robbins LLP.

Point Blank Solutions Inc


Must ReadView All

Courtesy: American & Efird

Textiles | On 20th May 2018

A&E introduces Repel

American & Efird (A&E), a global leader in industrial sewing thread...

Archroma working with House of Denim Foundation

Textiles | On 20th May 2018

Archroma working with House of Denim Foundation

Archroma, a leader in colour and specialty chemicals, has joined...

Courtesy: Amazon

Textiles | On 20th May 2018

Amazon opening first fulfillment centre in Tucson

Amazon.com is opening its first fulfillment centre in Tucson, which...

Interviews View All

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

Hannah Lane
Redress

Encouragement from brands will motivate supply chains to become more...

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Rikesh Mistry

Jupiter Comtex Pvt Ltd, established in 1973, started its textile machinery ...

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


May 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search