Westinghouse Solar (WEST) Settles Dismissal of Class Action, Derivative Complaints
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Westinghouse Solar, Inc. (Nasdaq: WEST), received final approvals of settlements for its outstanding class action and state derivative complaints. The suits have been dismissed in their entirety with prejudice and on the merits, resulting in a release of all claims.
Detail from the 8-K:
'On January 27, 2012, the Superior Court of the State of California, County of Santa Clara, filed an order (the "State Derivative Order") granting final approval to the settlement of the state derivative complaint filed against Westinghouse Solar, Inc. (the "Company") (formerly Akeena Solar, Inc.) and certain of the Company's officers and directors on May 28, 2010, captioned Dulgarian v. Cinnamon et al., Case No. 1:10-CV-173351. Pursuant to the State Derivative Order, the state derivative lawsuit was dismissed in its entirety with prejudice and on the merits. The settlement resulted in a release of all claims and did not provide for the payment of monetary compensation to shareholders; rather, it provided for certain additions to the Company’s corporate governance policies and procedures and for the payment of plaintiff’s attorneys’ fees and litigation expenses to be paid exclusively from the proceeds of the Company's directors and officers liability insurance."
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Detail from the 8-K:
'On January 27, 2012, the Superior Court of the State of California, County of Santa Clara, filed an order (the "State Derivative Order") granting final approval to the settlement of the state derivative complaint filed against Westinghouse Solar, Inc. (the "Company") (formerly Akeena Solar, Inc.) and certain of the Company's officers and directors on May 28, 2010, captioned Dulgarian v. Cinnamon et al., Case No. 1:10-CV-173351. Pursuant to the State Derivative Order, the state derivative lawsuit was dismissed in its entirety with prejudice and on the merits. The settlement resulted in a release of all claims and did not provide for the payment of monetary compensation to shareholders; rather, it provided for certain additions to the Company’s corporate governance policies and procedures and for the payment of plaintiff’s attorneys’ fees and litigation expenses to be paid exclusively from the proceeds of the Company's directors and officers liability insurance."
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