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Point Blank Solutions settles suit with shareholders
26 Jun '08
2 min read
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.
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
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