Thursday, December 21, 2006

Checkmate for Check Point

Today, Check Point Software Technologies Ltd. (NASDAQ: CHKP) announced that it has reached an agreement-in-principle to settle the securities class action lawsuits pending against the company and certain of it's officers and directors for $13 million.

According to the release, the entire settlement will be paid by Check Point's insurance carrier.

The litigation is pending in the United States District Court for the Southern District of New York before Judge Richard M. Berman.

Jay Stegmann is the lead plaintiff in the Check Point litigation, and Schiffrin & Barroway LLP and Milberg Weiss Bershad & Schulman LLP are lead and liaison counsel, respectively.

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