DHB Inc announces court approval of class action settlement
10 Jul '07
3 min read
DHB Industries Inc, a leader in the field of protective body armor, announced that the United States District Court, Eastern District of New York, had granted the plaintiffs' motion for preliminary approval of the settlements 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 settlement documents, the plaintiff class consists of all persons who purchased or otherwise acquired DHB shares during the period from November 18, 2003 through November 30, 2006.
After notices of the settlement are mailed and published, the Court will hold a hearing to consider and determine whether to grant final approval of the settlement. The court has scheduled the hearing for October 5, 2007.
Further, the Company provided an update to its January 2007 financial disclosure. For the six months ending on June 30, 2007, the Company received approximately $191 million in cash receipts (a non-GAAP measure consisting principally of collections of trade accounts receivable, but also certain other operating and non-operating cash receipts).
The majority of the cash receipts relate to shipments under Military and Domestic contracts. Cash receipts and liquidity requirements vary during the year based on orders and shipments, and orders under US Military contracts may become less active near the change in the Federal fiscal year in October.
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