CellNet Data Systems Shareholder Complaints Dismissed.SAN CARLOS San Carlos (săn kär`lōs), residential city (1990 pop. 26,167), San Mateo co., W Calif.; inc. 1925. The chief manufactures are plastic products, hardware, and machine parts. , Calif.--(BUSINESS WIRE)--Feb. 12, 1998--CellNet Data Systems, 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 :CNDS CNDS Center for Networking and Distributed Systems (Johns Hopkins University) CNDS Condensate CNDS Calling Name Delivery Service (Ameritech) CNDS Call Number Delivery System ), a market leader in fixed wireless networks for data communications data communications, application of telecommunications technology to the problem of transmitting data, especially to, from, or between computers. In popular usage, it is said that data communications make it possible for one computer to "talk" with another. , today announced that the consolidated complaint of Jere Settle and Karen Zully v. John M. Seidl, et. al. No. 398464 filed in the Superior Court of California for the County of San Mateo San Mateo (săn mətā`ō), city (1990 pop. 85,486), San Mateo co., W Calif., on San Francisco Bay; inc. 1894. It is a commercial and retail center with some high-technology manufacturing. San Mateo, Spanish for St. was dismissed on February 9, 1998 without leave to amend. A second complaint, also filed in the same Court, of Howard Fienman and Gerald Sapowitz v. CellNet Data Systems, Inc. et al. No. 398560 was earlier voluntarily dismissed with prejudice. These complaints, purported class actions filed on behalf of the Company's stockholders against the Company, certain of its officers and directors and underwriters of the Company's Initial Public Offering, sought unspecified damages and rescission The abrogation of a contract, effective from its inception, thereby restoring the parties to the positions they would have occupied if no contract had ever been formed. By Agreement for alleged liability under various provisions of the federal securities law and California state law. The Plaintiffs alleged generally that the Prospectus and Registration Statement dated September 26, 1996, pursuant to which the Company issued 5,000,000 shares of Common Stock to the public, contained materially misleading statements and/or omissions in that defendants were obligated ob·li·gate tr.v. ob·li·gat·ed, ob·li·gat·ing, ob·li·gates 1. To bind, compel, or constrain by a social, legal, or moral tie. See Synonyms at force. 2. To cause to be grateful or indebted; oblige. to disclose, but failed to disclose, that a patent conflict with Itron, Inc. was likely to ensue. The Company has always believed that the allegations in these complaints were without merit and is pleased with the Court's ruling. The Company CellNet Data Systems, Inc., with headquarters in San Carlos, California San Carlos is a city in San Mateo County, California, USA on the San Francisco Peninsula, about halfway between San Francisco and San Jose. It is an affluent small residential suburb located between Belmont to the north and Redwood City to the south. , with 3.4 million meters under contract and more than 1,000,000 meters online, is a market leader in fixed wireless networks for data communications in the United States. Enhanced services that CellNet's proven, low-cost wireless data communications network may make possible for energy service providers include: pricing plans offering lower rates for off-peak power consumption; automatic outage detection; power theft detection; remote switch-on and switch-off electric service; flexible and more accurate billing; and interactive home energy management systems. CellNet makes the value-added energy information collected over its networks available to its customers via the Internet on its new web site www.myEnergyInfo.com. CellNet has contracts for its wireless data network services in California, Kansas, Missouri, Minnesota, Washington and Indiana. For more company information visit http://www.cellnet.com. CONTACT: CellNet Data Systems Alex Tsigdinos, 650/508-6976 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion