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News and Press Releases |
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SETTLEMENT "OR" DISMISSAL:
Turnstone Systems Announces Second Quarter 2003 Results, Preliminary Court Approval Of Securities Litigation Settlement
By: Staff Writer
PR Newswire. July 29, 2003
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EXCERPT: Turnstone Systems, Inc. (Nasdaq: TSTN) today reported financial results for the fiscal quarter ended June 30, 2003. The company also announced that it has received preliminary court approval of a settlement of the securities litigation related to the company's secondary stock offering in September 2000…Securities Litigation Settlement The company also announced that on July 25, 2003, the U.S. District Court for the Northern District of California preliminarily approved a settlement of a purported class action suit that was brought against the company, certain of its officers and directors and its underwriters on behalf of persons who purchased common stock issued pursuant to the company's secondary stock offering in September 2000. The suit was settled for $7.0 million, of which insurance for the company's directors and officers will pay approximately $6.1 million and the company will contribute approximately $0.9 million in cash. While the company continues to deny any wrongdoing or violation of securities laws, it believes the settlement is in the best interest of the company and its stockholders to avoid the distraction and expense of continued litigation. The settlement is conditioned upon, among other things, notice to the company's stockholders of the settlement and final approval by the United States District Court.
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