Cygne Designs, Inc. announces tentative settlement of shareholder claims.NEW YORK--(BUSINESS WIRE)--January 14, 1997--Cygne Designs, Inc. (Nasdaq:CYDS CYDS Centre for Youth Drug Studies (Australia) ) today announced that it has tentatively settled a shareholder class action filed against the Company, its officers and directors, and other parties in December 1995. The settlement is subject to confirmatory discovery by the plaintiffs and to judicial approval. The aggregate amount of the settlement is $5.75 million. The Company will contribute approximately $2.1 million to the settlement. The balance of the settlement fund will come from insuranace and from other parties to 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. . Cygne Designs, Inc. is a private label designer, merchandiser and manufacturer of woven A woven is a cloth formed by weaving. It only stretches in the Bias directions (between the warp and weft directions), unless the threads are elastic. Woven cloth usually frays at the edges, unless measures are taken to counter this, such as the use of pinking shears or hemming. and knit career and casual clothing for women. CONTACT: CYGNE DESIGNS, INC. Roy E. Green, 212-354-6474 or Morgen-Walke Associates IR CONTACT: David Walke, Howard Zar, Shannon Moody mood·y adj. 1. Given to frequent changes of mood; temperamental. 2. Subject to periods of depression; sulky. 3. Expressive of a mood, especially a sullen or gloomy mood. Press: Stacy Berns, Jeff Siegel, 212-850-5600 |
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