|  | | 2004 News and Press Releases | | |
DISMISSAL NEWS:
Summary Judgment Granted To Safeguard Scientifics In Pending Securities Litigation
Staff Writer
Business Wire. December 1, 2004
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EXCERPT: Safeguard Scientifics, Inc. (NYSE:SFE) announced that the United States District Court for the Eastern District of Pennsylvania recently had granted Safeguard Scientifics' motion for summary judgment in a consolidated action that alleged the company had violated federal securities laws. The action, commenced in June 2001, alleged inadequate disclosure of transactions involving the company's former chairman, Warren V. Musser. The Court previously had denied plaintiffs' motion for class certification. A separate complaint filed in July 2004 asserted substantially the same claims. The Court stayed the latter complaint pending a ruling on the motion for summary judgment in the consolidated action. The Court has not taken any further action with respect to the latter complaint. Steven J. Feder, Senior Vice President and General Counsel of Safeguard, said, "We are very pleased with the Court's order granting summary judgment. As the time for plaintiffs to appeal has not yet run, Safeguard intends to continue its vigorous defense of these cases." |
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