KVH Settles 2004 Securities Class Action and Related Derivative Lawsuits
28 July 2007 - 6:30AM
PR Newswire (US)
MIDDLETOWN, R.I., July 27 /PRNewswire-FirstCall/ -- KVH Industries,
Inc., (NASDAQ:KVHI) announced today that it has reached definitive
agreements to settle securities class action claims filed in
federal court against the Company and certain of its officers in
2004 on behalf of a class of KVH shareholders, as well as two
related derivative lawsuits filed by KVH shareholders against
certain of KVH's directors and officers. Pursuant to the terms of
the settlements, plaintiffs and their attorneys will receive an
aggregate cash payment of $5.3 million, all of which will be paid
by KVH's insurance carrier. KVH also agreed to adopt, formalize, or
reconfirm adherence to certain corporate governance policies and
practices. The settlements are subject to notice to shareholders
and approval by the U.S. District Court for the District of Rhode
Island and the Rhode Island Superior Court. "KVH is pleased to have
reached this settlement in order to avoid the time and expense
involved in proceeding to trial. It is also important to note that,
under the terms of the settlement, KVH does not admit to any
wrongdoing by the company or its officers," said Patrick Spratt,
KVH's chief financial officer. About KVH Industries, Inc. KVH
Industries, Inc. (http://www.kvh.com/), 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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