Altris Software Announces Settlement of Securities Class Actions.SAN DIEGO--(BUSINESS WIRE)--March 8, 1999--Altris Software, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:ALTS ALTS Association for Local Telecommunications Services ALTS Aarhus Lawn Tennis Selskab (Denmark) ALTS Annotated Labeled Transition System ALTS Analogue Line Terminating Subsystem ALTS Automatic Laser Tracking System ) announced today that it has entered into a memorandum of understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. that provides for the settlement of the consolidated securities class action lawsuits class action lawsuit A lawsuit in which one party or a limited number of parties sue on behalf of a larger group to which the parties belong. For example, investors may bring a class action lawsuit against a brokerage firm that has actively promoted a tax currently pending against the company. The settlement provides that the claims against Altris Software, its former chairman and chief executive officer Jay Tanna and its chief financial officer John W. Low will be dismissed. Under the terms of the settlement, in exchange for the dismissal and release of these claims, (a) the company's insurance carrier will pay $2,500,000 to the class of plaintiffs; (b) the company will issue to the plaintiffs 2,304,271 shares of its common stock, and (c) the company will cooperate with plaintiffs' counsel by providing certain documents and information regarding the claims asserted in the class actions. The settlement is subject to certain customary conditions, including the execution of a definitive settlement agreement, notice to the class and approval by the Court. Roger H. Erickson, the company's president and chief executive officer stated, "This settlement is an important step forward for Altris that will enable the Company to avoid costly and protracted pro·tract tr.v. pro·tract·ed, pro·tract·ing, pro·tracts 1. To draw out or lengthen in time; prolong: disputants who needlessly protracted the negotiations. 2. litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. and to focus the Company's efforts on meeting the needs of our customers and addressing the strategic issues facing the Company." Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement Except for historical information contained herein, the matters set forth in this release include forward-looking statements that are dependent on certain risks and uncertainties. These risks and uncertainties may cause actual results to differ materially from expected results and are described in detail in the Securities and Exchange Commission filings that have been made by the company. Altris Software, Inc. Based in San Diego, Altris Software delivers enterprise-wide document management software to its customers around the world. |
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