JAN BELL TO SETTLE CLASS ACTION LITIGATION
JAN BELL TO SETTLE CLASS ACTION LITIGATION SUNRISE, Fla., Feb. 24 /PRNewswire/ -- Jan Bell Marketing, Inc.
(AMEX: JBM), announced today preliminary court approval of the settlement of the securities litigation filed in March 1990 in Florida. The court has scheduled a hearing for final approval on April 24, 1992.
The settlement fund consists of the issuance to class members (those who purchased Jan Bell stock between Oct. 3, 1989, and March 6, 1990) of up to 700,000 warrants to purchase Jan Bell common stock and up to $1,100,000 for the costs of administration and the class attorney's fees. The warrants will be valued under the settlement agreement at an amount up to $3,100,000, and each
warrant will be exercisable for one share of common stock for a five-year term at $10.00 above an average market price of Jan Bell stock at the time the warrants are issued.
While the company believes the lawsuit is without merit and the company would ultimately prevail, the settlement will conclude burdensome, protracted and expensive litigation. -0- 2/24/92 /CONTACT: Rosemary B. Trudeau, vice president-finance of Jan Bell, 305-846-2798; or Robert Schechter, 212-661-8030, or Kathy Brunson, 312-266-7800, both of the Financial Relations Board, for Jan Bell/ (JBM) CO: Jan Bell Marketing, Inc. ST: Florida IN: HOU SU:
SH-GK -- NY057 -- 1962 02/24/92 14:07 EST
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|Date:||Feb 24, 1992|
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