Cisco Systems, Inc. (NASDAQ: CSCO) today announced an agreement to settle the securities class action litigation pending against the company and certain current and former directors and officers. The litigation is pending before Judge James Ware in the United States District Court for the Northern District of California.
Cisco's press release indicates that the settlement is for $91.75 million and will be paid by the company's liability insurers.
Press reports regarding the settlement are available here, (AP via Yahoo!), here (TheStreet.com), and here (BizJournals.com via Yahoo!).
Lead plaintiffs in the Cisco litigation are the Plumbers & Pipefitters National Pension Fund, the Central States, Southeast and Southwest Area Pension Fund, the Carpenters Pension Fund of Illinois, and Alexander Nehring.
Lerach Coughlin Stoia Geller Rudman & Robbins LLP and Levin Papantonio Thomas Mitchell Echsner & Proctor, PA are co-lead counsel in the Cisco litigation.
Prior to the entry of this scheduling stipulation last month, the trial had been set to begin on October 4, 2006. Count Carton over at Securities Litigation Watch must be very disappointed.
Thanks to an anonymous reader for the tip.
Daily Trivia: One of the founding partners of Levin Papantonio was Reubin Askew, a two-term governor of Florida and candidate for President of the United States.
UPDATE: The 10b-5 Daily has a post on the settlement, here.
1 comment:
Looks like Cisco has some pretty powerful legal experts on their counsel, but I don't see a way for them to get around this payout no matter who is arguing their case. The settlement sounds a little low to me, but we will see what the final settlement ends up being.
Post a Comment