Printer Friendly

U.S DISTRICT COURT DISMISSES SHAREHOLDER LAWSUIT AGAINST ZEOS

 MINNEAPOLIS, April 8 /PRNewswire/ -- ZEOS International, Ltd. (NASDAQ: ZEOS) announced today that a lawsuit against the company and two of its officers was dismissed by the United States District Court for the District of Minnesota in an opinion filed April 5, 1993. The suit was filed by three shareholders of ZEOS in September 1992 as a class action on behalf of all persons who purchased ZEOS common stock between Feb. 20, 1992 and Aug. 25, 1992. The plaintiffs' claims related to the alleged failure to disclose a new subsidiary, Occidental Corporation, which was formed to manufacture and market lower cost computers under a new brand name.
 In dismissing the lawsuit, the court ruled that the plaintiffs "have not met their burden by coming forward with specific facts which establish a genuine issue of material fact for trial." The plaintiffs have 30 days in which to appeal the court's order.
 Gregory E. Herrick, ZEOS' chairman and chief executive officer, who was named as a defendant in the lawsuit, said, "We believed from the beginning that this lawsuit lacked any merit. We are obviously very happy with the court's decision, and we are not at all surprised by the outcome. I'm just glad that we can get the distraction of this lawsuit behind us and concentrate our attention on the business of selling computers."
 ZEOS International, Ltd., manufactures and markets, direct to end users, ISA and EISA (Industry Standard and Extended Industry Standard Architecture) personal computer systems and work stations based on the Intel 80386SL, 80486SX, SL, DX and DX2 microprocessors worldwide. The company also provides contract product design services through its PC Tech subsidiary.
 -0- 4/8/93 R
 /CONTACT: Rick Apple, vice president, marketing, for ZEOS, 612-623-9614/
 (ZEOS)


CO: ZEOS International, Ltd. ST: Minnesota IN: CPR SU:

KH -- MN003R -- 4302 04/08/93 14:20 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 8, 1993
Words:306
Previous Article:DISNEYLAND TO HELP ANAHEIM CELEBRATE EARTH DAY 1993 AT ENVIRONMENTAL FAIRE
Next Article:LARGEST BLACKJACK TOURNAMENT IN MINNESOTA HISTORY AT GRAND CASINO MILLE LACS; $50,000 FIRST PRIZE OFFERED!
Topics:


Related Articles
ATLANTIS FAILS IN TRY TO DISMISS $47 MILLION LAWSUIT BY AMERIWOOD
PENNZOIL ISSUES STATEMENT ON CHEVRON STOCKHOLDER LAWSUIT
COURT DISMISSES CLASS ACTION SUIT AGAINST TEKTRONIX
U.S DISTRICT COURT DISMISSES SHAREHOLDER LAWSUIT AGAINST ZEOS
MARRIOTT SETTLES WITH PREFERRED SHAREHOLDERS
PLAINTIFFS DISMISS SHAREHOLDER LAWSUIT
The 8th U.S. Circuit Court of Appeals in St. Louis last week affirmed a lower court ruling that dismissed a 1999 shareholder lawsuit against Acxiom...
Courts Approve Final Settlement of 2004 Securities Class Action and Related Derivative Lawsuits.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters