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November 30, 2012
13:59 EDTGCOMGlobecomm reports dismissal of lawsuit
Globecomm Systems announced that the lawsuit captioned Wenz et al. v. Globecomm Systems, Inc., et al. commenced in the New York State Supreme Court in Suffolk County on October 11 has been dismissed. The lawsuit alleged omissions by Globecomm in connection with certain items in a proxy statement issued by Globecomm for its annual meeting of stockholders held on November 15. Plaintiffs withdrew their lawsuit after the Court, on November 14 completely denied plaintiffs’ motion for a temporary restraining order and a preliminary injunction. David E. Hershberg, Globecomm’s Chairman and CEO, stated: "We are extremely pleased that this meritless lawsuit, which Globecomm vigorously opposed, has been disposed of in such a prompt fashion. Our shareholders would never have benefited financially from this case and, as the Court found, there was nothing improper with respect to Globecomm’s proxy statement."
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