Dismissal of Qui Tam Action.Business Editors & High-Tech Writers MITCHEL FIELD, N.Y.--(BUSINESS WIRE)--Sept. 11, 2002 Frequency Electronics, Inc (AMEX AMEX See: American Stock Exchange - FEI FEI Fédération Équestre Internationale. ) announced today that a judgment dated September 3, 2002, has been entered 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. in connection with its dismissal of the Muller Qui Tam Action qui tam action (kwee tam) n. Latin for who as well, a lawsuit brought by a private citizen (popularly called a "whistle blower") against a person or company who is believed to have violated the law in the performance of a contract with the government or in violation . With this action, the Court has dismissed all remaining 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. against the Company and its President/CEO originating approximately ten years ago. The judgment is based on the Court's decision on the merits An ultimate determination rendered by a court in an action that concludes the status of legal rights contested in a controversy and precludes a later lawsuit on the same Cause of Action by the parties to the original lawsuit. in favor of Frequency Electronics, Inc. and its CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Martin B. Bloch, dated August 23, 2002. The judgment preserves all of FEI's rights to recover costs and its causes of action against the plaintiff and third party defendants. From the outset, the Company had maintained that the allegations in the Muller Qui Tam Action were baseless and that neither the quality nor integrity of FEI's products were compromised at any time or in any manner. Joseph P. Franklin, Chairman of the Board, commenting on the Court's action said, "We are very gratified grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. by this full vindication of the position we have steadfastly held for all these years." About Frequency Electronics Frequency Electronics, Inc. is a world leader in the design, development and manufacture of high-technology frequency, timing and synchronization products for satellite and terrestrial voice, video and data telecommunications. The Company's technologies provide unique solutions that are essential building blocks for the next generation of broadband wireless and fiber optic communications systems, and for the ongoing expansion of existing wireless and wireline networks. Additional information is available on FEI's website: www.frequencyelectronics.com. Safe Harbor Statement under 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: The Statements in this press release regarding the future constitute "forward-looking" statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, inability to integrate operations and personnel, actions by significant customers or competitors, general domestic and international economic conditions, consumer spending trends, reliance on key customers, continued acceptance of the Company's products in the marketplace, competitive factors, new products and technological changes, product prices and raw material costs, dependence upon third-party vendors, competitive developments, changes in manufacturing and transportation costs, the availability of capital, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release. |
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