Asante Technologies settles securities lawsuit; agrees in principle to settle securities class action case.Technologies Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ASNT ASNT American Society of Non-destructive Testing ASNT American Society for Neural Transplantation ASNT Astrological Association of North Texas (Dallas - Fort Worth Metroplex) ASNT Application Sharing Nt ) today announced an agreement in principle to settle the securities class action lawsuits initiated against the company in July 1994 in the United States District Court for the Northern District of California The United States District Court for the Northern District of California is the Federal district court whose jurisdiction comprises following counties: Alameda, Contra Costa, Del Norte, Humboldt, Lake, Marin, Mendocino, Monterey, Napa, San Benito, San Francisco, San Mateo, Santa . A settlement fund of $2.6 million will be established with Asante contributing $520,000 and the company's insurance contributing the balance. The settlement will not have an impact on current fourth quarter results of operations. Asante stated that the settlement was in no way an admission of culpability culpability (See: culpable) but that it was desirable to put the matter behind it. The company has consistently defended itself in the case. Founded in 1988, Asante Technologies Inc. designs, manufactures and markets a full line of high-performance products for Ethernet networks, including IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) PC-compatible and Macintosh adapter cards, intelligent and non-intelligent hubs, and network management software. Asante products are available worldwide through a network of North American and international distributors. CONTACT: Asante Technologies, Inc. Steve Hess, 408/435-8388 |
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