ESS Technology (ESST) Announces Settlment of Federal Securities Class Action
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In Today's 8-K Filing From ESS Technology Inc. (Nasdaq: ESST): On August 27, 2007, the Stipulation of Settlement and Release by and among ESS Technology, Inc., certain current and former officers and directors of the Company and the plaintiffs in the federal securities class action became final and binding after no appeal was submitted to the United States District Court for the Northern District of California within the applicable period following the Court's entry of the Final Judgment and Order of Dismissal With Prejudice.
Under the Settlement, ESS has agreed, among other terms, to pay the amount of $3,500,000 to the plaintiffs. In exchange for such payment by ESS, plaintiffs release and relinquish all claims against ESS and other defendants. The Company and other defendants have denied, and continue to deny, any and all allegations of wrongdoing in connection with this matter.
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