Wednesday, October 04, 2006

Ibis Settles Securities Class Action

Earlier this week, Ibis Technology Corporation (NASDAQ: IBIS) issued a press release announcing that it had reached an agreement to settle the consolidated securities class action litigation pending against the company and Martin Reid, its president and CEO, for $1.9 million, to be funded entirely by the company's insurance carrier.

The Ibis litigation is pending in the United States District Court of Massachusetts before Judge Reginald C. Lindsay. A copy of Judge Lindsay's opinion partially granting and partially denying the motion to dismiss is available here.

Three individuals, Martin Smolowitz, George Harrison (not the late Beatle), and Mark G. Forgue, are the lead plaintiffs in the Ibis litigation. The Law Offices of Bernard M. Gross, P.C. and Shapiro Haber & Urmy LLP are lead and liaison counsel, respectively.

A copy of the consolidated amended complaint is available here.

Daily Trivia: George Harrison (the late Beatle) was also a film producer. He founded Handmade Films in 1979 to finance the Monty Python film Life of Brian after the original financiers pulled out.

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