Printer Friendly

Pacific Scientific Company Receives Complaint From Shareholders

NEWPORT BEACH, Calif., Nov. 25 /PRNewswire/ -- Pacific Scientific Company (NYSE: PSX) reported today that it has received a draft complaint from the prior shareholders of Met One, Inc. Defendants named in the draft complaint are Pacific Scientific Company, its Chief Executive Officer, Edgar S. Brower and its Chief Financial Officer, Richard V. Plat.

As of December 29, 1995, Pacific Scientific merged with Met One through an exchange of stock. Met One is headquartered in Grants Pass, Oregon.

Correspondence provided with the draft complaint indicates that it may be filed as early as December 5, 1996 in the Superior Court of the State of California. The complaint seeks damages based on several causes of action.

This draft complaint is similar to the two previously announced class action complaints filed in the United States District Court which allege that the Company made false and misleading statements regarding the Company and its Solium subsidiary. The Solium subsidiary is involved in designing, manufacturing and distributing electronic ballast and adaptors for fluorescent lamps.

Pacific Scientific Company stated that the Company, its Chief Executive Officer and its Chief Financial Officer deny all allegations in the draft complaint and will vigorously defend against this action.

Pacific Scientific Company designs, manufactures and markets electrical equipment and safety equipment.

SOURCE Pacific Scientific Company
 -0- 11/25/96

/CONTACT: Richard V. Plat, Executive Vice President of Pacific Scientific, 714-720-1714/


CO: Pacific Scientific Company; Met One, Inc. ST: California IN: CPR SU:

KL-CW -- LAM067 -- 4019 11/25/96 20:02 EST
COPYRIGHT 1996 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1996 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 25, 1996
Previous Article:MicroSure Completes Acquisition of License to Proprietary Microbiological Testing Technology
Next Article:Budget Says 'Thank You' To Customers This Holiday Season; 500,000 Holiday Discount Coupons Available at Budget Locations

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters