Navarre Corporation in Class Action Lawsuit Settlement
A securities class action lawsuit which was filed in the United States District Court for the District of Minnesota against Navarre Corporation has been agreed to be settled
Under the terms of the pending settlement, a fund will be created to pay claims of class members and the fees of plaintiffs’ attorneys. This fund will be created with amounts paid primarily by the Company’s insurance carrier and without any contribution by the Company or the individual defendants. Accordingly, the settlement will not have an impact on the Company’s earnings or cash balances.
The Company as well as the individual defendants have steadfastly maintained that the claims raised in the class action litigation were without merit and have vigorously contested those claims. As part of the settlement, the Company and other defendants continue to deny any liability or wrongdoing.
Filed under Class Action, General Law, Settlements
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