Del Global Technologies Announces Final SEC Approval of Previously Announced Settlement.Business Editors/Health/Medical Writers VALHALLA, N.Y.--(BUSINESS WIRE)--June 1, 2004 Del Global Technologies Corp. (DGTC) ("Del Global") today announced that it has obtained final approval from the Securities and Exchange Commission ("SEC") regarding the settlement of previously announced claims against the Company in connection with the restatement Restatement A revision in a company's earlier financial statements. Notes: The need for restating financial figures can result from fraud, misrepresentation, or a simple clerical error. of financial statements filed by former management for the fiscal years 1997 through the third quarter of fiscal 2000. The terms of the settlement are subject to approval by 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 . Walter F. Schneider, President and Chief Executive Officer of Del Global, commented, "We are delighted to bring this matter to a close and, in doing so, remove another layer of investor uncertainty. Our energies remain focused on strengthening Del Global's operations and enhancing shareholder value." As previously announced, Del Global signed a consent decree A settlement of a lawsuit or criminal case in which a person or company agrees to take specific actions without admitting fault or guilt for the situation that led to the lawsuit. A consent decree is a settlement that is contained in a court order. with the SEC Staff regarding this matter in December 2003. The terms of the settlement are unchanged from those previously disclosed, including the payment by Del Global of a civil penalty of $400,000. Del Global recognized this expense in Fiscal 2003. Del Global Technologies Corp. is primarily engaged in the design, manufacture and marketing of cost-effective medical imaging and diagnostic systems consisting of stationary Stationary can mean:
Statements about future results made in this release may constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These statements are based on current expectations and the current economic environment. Del Global cautions that these statements are not guarantees of future performance. These statements involve a number of risks and uncertainties that are difficult to predict, including, but not limited to, the ability of Del Global to implement its business plan; retention of management; changing industry and competitive conditions; obtaining anticipated operating efficiencies; securing necessary capital facilities; favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. determinations in various legal and regulatory matters; the ability of Del Global to meet its obligations under the agreement in principle with the U.S. Government regarding the proposed settlement of the DoD matter; the ability of Del Global to avoid a debarment de·bar tr.v. de·barred, de·bar·ring, de·bars 1. To exclude or shut out; bar. 2. To forbid, hinder, or prevent. from doing business with the U.S. Government; and favorable general economic conditions. Actual results could differ materially from those expressed or implied in the forward-looking statements. Important assumptions and other important factors that could cause actual results to differ materially from those in the forward-looking statements are specified in the Company's filings with the Securities and Exchange Commission. |
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