CAMARILLO, Calif.-AML Communications Inc. reported the settlement of two related securities class-action lawsuits filed in March 1998 in state and federal courts in California against the company and certain of its current and former officers and directors.
An agreement has been entered into with counsel for the plaintiffs, and documents requesting preliminary court approval are expected to be filed with the federal district court this week. If the court grants preliminary approval, notice of the settlement will be sent out, with a hearing scheduled within the next three to five months, according to AML.
“Although we always believed that AML would prevail in these cases, we also recognized the ability these cases had to distract management focus and energy,” explained Kirk Waldron, president and chief executive officer of AML. “The settlement amount of $2.25 million will be fully covered by our insurance carrier, and we look forward to putting this matter behind us and getting on with business.”
If final approval is granted in the federal case, the state court case will be dismissed with prejudice.
