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Case ID: 4177 | Stocks | 01/17/2005
Enterasys Networks Inc. (NYSE: ETS) announced today that it has entered into an agreement in principle to settle shareholder litigation filed in 1997 against its predecessor, Cabletron Systems, Inc., and certain Cabletron directors and officers. The settlement, which is subject to execution of a final settlement agreement and subsequent court approval, is expected to be signed by the parties on or before January 25, 2005.
Under the terms of the agreement, Enterasys has agreed to pay $10.5 million. The Company expects all but approximately $500,000 of this amount to be recovered from proceeds of certain Company insurance policies. As a result, Enterasys expects to recognize a one-time net charge of approximately $500,000 in the fourth quarter of fiscal 2004. The settlement resolves all claims made in nine class action lawsuits originally filed in the United States District Court for the District of New Hampshire against Cabletron Systems, Inc., and various individual defendants. The litigation does not involve any current executives of Enterasys Networks. At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Stocks Cases of Interest A class action has been filed against United American Healthcare Corporation (NasdaqSC:UAHC), certain of its officers and directors by stockholders who purchased the company's common stock between May 26, 2000 and April 22, 2004. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. A class action has been filed against Willbros Group, Inc. (NYSE:WG), certain of its officers and directors by stockholders who purchased the company's common stock between May 06, 2002 and May 16, 2005. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. A class action has been filed against lender MicroFinancial, Inc. (NYSE: MFI) and certain of its officers and directors by stockholders who purchased the company's common stock between February 5, 1999, and October 30, 2002. The stockholders seek to recover compensatory damages for the loss of value of their stock.
Several class actions have been filed against investment firm Security Brokerage, Inc., and Daniel G. Calugar, its president and majority owner, by investors who purchased shares of Alliance Capital Management's (NYSE:AC) AllianceBernstein Family of mutual funds and Massachusetts Financial Services' Family of mutual funds, which is a subsidiary of Sun Life Financial, Inc. from January 1, 2001, through September 30, 2003. The actions claim that the defendants violated federal securities laws by engaging in an illegal market-timing scheme. Adding to the firestorm of litigation surrounding the recall of the pain drug Vioxx, several securities class actions have now been filed against pharmaceutical giant Merck & Co. (NYSE: MRK) and certain of its officers and directors by stockholders who purchased the company’s common stock between October 30, 2003 and September 30, 2004. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company’s securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. A class action has been filed in the Northern District Court of California against Utstarcom, Inc. (NASDAQ: UTSI), a California based communications services company, and certain of its officers and directors by stockholders who purchased the company's common stock between April 16, 2003 and September 20, 2004. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. |
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