Two securities class action lawsuits against Orange 21 Inc., which develops brands that create action sport and youth lifestyle products, were agreed to be settled for $1.4 million.
Orange 21 also said it is settling a derivative lawsuit against stockholder, No Fear Inc., and certain current and former officers and directors. The lawsuit has been pending since December 2005.
The consolidated suit was on behalf of stockholders who bought Orange 21 securities in connection with or subsequent to its December 2004 initial public offering. The complaint stated that the company provided misleading statements in its IPO prospectus.