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Article: APPLIED DIGITAL ACCESS, INC. SETTLES FEDERAL SECURITIES LITIGATION
- Article from:
- PR Newswire
- Article date:
- December 19, 1995
CopyrightCOPYRIGHT 1995 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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SAN DIEGO, Dec. 19 /PRNewswire/ -- Applied Digital Access, Inc. (ADA) (Nasdaq: ADAX) announced today that the securities class action lawsuit pending against the Company and certain of its officers in the United States District Court for the Southern District of California has been settled, subject to the finalization of formal settlement documents and court approval. The litigation was settled for approximately $1.5 million, a substantial portion of which will be paid by the Company's directors' and officers' liability insurance carrier. Shareholders affected by the settlement will receive a detailed notice after preliminary court approval.
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