|
|
News Breaks | | | | November 11, 2011 | | 09:21 EDT |  | IDI | SearchMedia announces tentative partial settlement on securities class action
SearchMedia Holdings announced that it reached a tentative partial settlement agreement for a securities class action lawsuit pending against the company and a number of its current and former directors, officers and employees. The securities class action lawsuit was filed in the United States District Court for the Southern District of Florida against the company and certain of its current and former officers and directors in relation to various disclosures regarding the company's acquisition of SearchMedia International and the financial condition of that company. The partial settlement agreement is made on behalf of the defendants who served as directors and officers of Ideation Acquisition without any admission of wrongdoing on the part of the Settling Defendants and provides for a settlement fund of $2.75M, which the company expects to be entirely funded by its insurance carriers. The partial settlement agreement remains subject to court approval and certain other conditions including execution of a stipulation of settlement, notice to class members, and an opportunity for class members to object or opt out of the settlement. The securities class action lawsuit remains pending against other defendants who reside in China and who have not been served with the complaint and summons. | |
|
News For IDI From The Last 14 Days Check below for free stories on IDI the last two weeks. |
|
|
| There are no results for IDI |
|
|
|
|
|
|
