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: Michael Kors

Fashion | On 25th Jul 2017

Michael Kors to acquire Jimmy Choo

Global fashion luxury brand Michael Kors Holdings Limited has reached ...

Apparel/Garments | On 25th Jul 2017

VF Corp posts $2.4 billion revenue for Q2 2017

VF Corporation has recorded revenue of $2.4 billion, up 2 per cent,...

Textiles | On 25th Jul 2017

Global growth to pick up in 2017 and 2018: IMF

The pickup in global growth anticipated in the April World Economic...

Interviews View All

Evelyne Cholet
UCMTF

‘France had a reputation of being big in new ideas, but poor in marketing...

Sonia Agarwal
Whitenife

‘The terms eco-friendly and organic are common but everyone perceives them ...

Claudia Kersten
Global Organic Textile Standard

‘GOTS is a very efficient supply chain management tool, especially for...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Johan Berlin
InvestKonsult Sweden AB

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

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

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

July 2017

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X