Court Settles Laser Technology Shareholder Lawsuit
ENGLEWOOD, Colo., Oct. 19 -- The terms of the class action and derivative lawsuits, which were consolidated, against Laser Technology Inc. have been settled, the company said. The plaintiffs have agreed to a settlement of $850,000 in cash and $475,000 in shares of Laser Technology common stock.
We are pleased to have this issue behind us so that the Company can focus on continued growth and profitability, said Eric Miller, the company's president and CEO. The company would also like to relay our appreciation to our shareholders for their patience and continued support.
Laser Technology's insurance carrier was responsible for $740,000 of the cash portion of the settlement, which was deposited into the settlement escrow account. The remaining $110,000 in cash has been paid into the settlement escrow account by parties involved in the settlement, including the company. Laser Technology designs, manufactures and markets pulse-laser measuring systems.
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