Notice to Proposed Settlement of Derivative Litigation Press Release
09 February 2019 - 9:15AM
- Cemtrex
Inc. (Nasdaq: CETX, CETXP, CETXW), a leading
global technology and manufacturing company, today issued the
following notice:
On January 4, 2019, Cemtrex, in its capacity as a nominal
defendant, entered into a Stipulation and Agreement of Settlement
(“Stipulation”) in the shareholder derivative actions filed in the
U.S. District Court Eastern District of New York, Desmond-Newman v.
Govil, et al., Case No. 2:18-cv-03992 (JFB) (AYS), and in New York
State Supreme Court Suffolk County, Alami v. Govil, et al., No.
606635/2017 (collectively, “Derivative Litigation”).
Pursuant to the Stipulation, the Company will implement certain
corporate governance changes and modify certain governance
practices, and the Company’s insurer will pay $100,000 to the
plaintiffs’ counsel. Under the settlement, the Company and
its shareholders will release all claims that were or could have
been asserted in the Derivative Litigation, and the Company and the
directors and officers of the Company named as defendants continue
to deny any liability or wrongdoing in connection with the
allegations contained in the Derivative Litigation.
On January 23, 2019, the Court issued an order preliminarily
approving the proposed settlement and providing for the notice of
the settlement to be made to Cemtrex shareholders. The full
Notice of Proposed Settlement of Derivative Action and Stipulation
and Agreement of Settlement are available on Cemtrex’s Investor
Relations page
(https://www.cemtrex.com/investor-relations/).
About CemtrexCemtrex, Inc. (NASDAQ: CETX) is a
diversified technology company driving innovation in a wide range
of sectors, including smart technology, virtual and augmented
realities, advanced electronic systems, industrial solutions, and
intelligent security systems. Cemtrex is the manufacturer of the
SmartDesk, the world’s most advanced workstation. Find us on the
web at www.cemtrex.com.
Safe Harbor StatementThis press release
contains “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995, including
statements relating to Cemtrex’s proposed offering of securities.
These forward-looking statements are based on management’s current
expectations and are subject to certain risks and uncertainties,
including those described in Cemtrex’s SEC periodic reports and
other filings, that could cause actual results to differ materially
from those set forth in or implied by such forward-looking
statements. Statements made herein are as of the date of this press
release and should not be relied upon as of any subsequent
date.
Investor Relations
Cemtrex, Inc.
Phone: 631-756-9116
investors@cemtrex.com
General Inquiries
sales@cemtrex.com
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