Global Apparel Market – An Overview | Watch NOW! | Ad
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

Trump signs revised free trade agreement with S Korea

Textiles | On 25th Sep 2018

Trump signs revised free trade agreement with S Korea

President Donald Trump signed a revised free trade agreement with...

L-R: Jonathan Akeroyd, Donatella Versace, John D Idol. Courtesy: Rahi Rezvani

Fashion | On 25th Sep 2018

Michael Kors to acquire Versace; to be renamed Capri

Michael Kors Holdings Limited, a global fashion luxury group, has...

'India can take up lack of capacity in US, China markets'

Textiles | On 25th Sep 2018

'India can take up lack of capacity in US, China markets'

India can now take up the lack of capacity in the US and Chinese...

Interviews View All

Karan Toshniwal, Orange O Tec

Karan Toshniwal
Orange O Tec

Contemporary industry is paying more and more attention to the...

Stefan Warnaar, Peak to Plateau

Stefan Warnaar
Peak to Plateau

People are willing to pay for quality and performance

Yashiki Gumber, Sahiba Fabrics

Yashiki Gumber
Sahiba Fabrics

Fabric does not restrict us from fashion trends

Kamal Kulshreshth,

Kamal Kulshreshth

Colorjet is among the fastest-growing wide format digital inkjet print...

Sugandha Bhardwaj,

Sugandha Bhardwaj

<div>New Delhi-based Brinjal Designs Pvt Ltd manufactures home furnishing...

Abhishek Pachauri,

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

Pierre Wiertz, EDANA

Pierre Wiertz
EDANA

Pierre Wiertz talks about the vast world of sustainable nonwovens and...

Silke Brand-Kirsch, Schlegel und Partner GmbH

Silke Brand-Kirsch
Schlegel und Partner GmbH

<div>Schlegel und Partner is the market research and consultancy company...

Robert Erichsen, Statex Produktions & Vertriebs GmbH

Robert Erichsen
Statex Produktions & Vertriebs GmbH

Statex Produktions &amp; Vertriebs Gmbh, founded in 1978 and headquartered ...

Prathyusha Garimella, Prathyusha Garimella

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Sonam & Paras Modi, SVA

Sonam & Paras Modi
SVA

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

Anisha Chaudhari, Threads & Shirts

Anisha Chaudhari
Threads & Shirts

Threads &amp; Shirts is a freshly-tailored concept providing men/women a...

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


October 2018

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

news category


Related Categories:

Advanced Search