Orange 21 (ORNG) Announces Agreements to Settle Securities Litigation
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Orange 21 Inc. (NASDAQ: ORNG) has reached an agreement to settle the consolidated securities class action currently pending in the United States District Court for the Southern District of California against the Company and certain of its current and former officers and directors.
The settlement will resolve litigation that has been pending since March 2005. If the settlement is approved by the Court, following notice to the class, $1.4 million will be paid to the class of plaintiffs and for plaintiffs' attorneys' fees from proceeds of Orange 21's directors' and officers' insurance. No amounts will be paid by the Company.
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