Command Systems Announces Court's Preliminary Approval of Settlement in Pending Class Action Litigation.FARMINGTON, Conn.--(BUSINESS WIRE)--June 16, 1999-- Command 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 : CMND CMND Command CMND Chung Minh Nhan Dan (Vietnamese Identity Card) ) today announced that the United States District Court United States District Court In the U.S., any of the 94 trial courts of general jurisdiction in the federal judicial system. Each state, as well as the District of Columbia and the Commonwealth of Puerto Rico, has at least one federal district court. for the Southern District of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of has preliminarily approved the settlement of a consolidated securities class action against it and certain of its officers and directors. The Court directed that notice be given to a conditionally certified class of shareholders of Command Systems common stock. The Court set a hearing for August 10, 1999 to consider final approval of the proposed settlement. The proposed settlement would result in the distribution of $5.75 million plus accrued interest Accrued Interest The interest that has accumulated on a bond since the last interest payment up to but not including the settlement date. There are two methods for calculating accrued interest: 1) 360-day year method, used for corporate and municipal bonds. , minus approved attorneys' fees and related expenses, to persons who purchased the common stock of Command Systems during the period March 12, 1998 through April 29, 1998, inclusive. Of the final settlement amount, the Company will be reimbursed for all but $1.65 million, plus the interest thereon. In addition, the Company may be responsible for certain legal fees and related expenses incurred in connection with the 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. . There can be no assurance, however, that a settlement will receive final approval by the Court. Command Systems, whose main office is in Farmington, Connecticut, provides a wide range of information technology solutions and services, consulting, training and outsourcing to financial services organizations to support their evolving business processes and systems requirements. Its web site is http://www.commandsys.com Statements contained in this document which are not historical fact are forward-looking statements based upon management's current expectations that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements. |
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