Courts Approve Final Settlement of 2004 Securities Class Action and Related Derivative Lawsuits
January 25 2008 - 4:30PM
PR Newswire (US)
MIDDLETOWN, R.I., Jan. 25 /PRNewswire-FirstCall/ -- KVH Industries,
Inc. (NASDAQ:KVHI) announced today that the United States District
Court for the District of Rhode Island has granted final approval
of the previously disclosed settlement of the securities class
action claims filed in federal court against KVH and certain of its
officers in 2004 on behalf of a class of KVH shareholders. KVH also
announced that on November 19, 2007 the Rhode Island Superior Court
granted final approval of the settlement of the related derivative
lawsuit filed by KVH shareholders against certain of KVH's
directors and officers. Pursuant to the settlement agreements, the
appeal of the dismissal of another related derivative lawsuit
pending in the U.S. Court of Appeals for the First Circuit has also
been dismissed. As a result of these actions, all claims in these
three lawsuits have been fully and finally settled and dismissed
with prejudice by the courts. As previously disclosed, pursuant to
the terms of the settlements, KVH settled for a $5.3 million cash
payment made by its insurance carrier, together with KVH's
agreement to adopt, formalize, or reconfirm adherence to certain
corporate governance policies and practices. "We are pleased to put
this matter behind us and gratified that all claims have been
dismissed without any finding of wrongdoing by KVH or its officers
or directors," said Patrick Spratt, KVH's chief financial officer.
About KVH Industries, Inc. KVH Industries, Inc., is a premier
manufacturer of systems to provide access to live mobile media
ranging from satellite TV to telephone and high-speed Internet for
vehicles and vessels as well as a leading source of navigation,
pointing, and guidance solutions for maritime, defense, and
commercial applications. The company's products are based on its
proprietary mobile satellite antenna and fiber optic technologies.
An ISO 9001-certified company, KVH is based in Middletown, Rhode
Island. DATASOURCE: KVH Industries, Inc. CONTACT: Chris Watson of
KVH Industries, +1-401-845-8138, Web site: http://www.kvh.com/
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