Aerosonic Announces Settlement of Class Action Litigation
Aerosonic Announces Settlement of Class Action Litigation: "CLEARWATER, Fla.--(BUSINESS WIRE)--April 5, 2005--Aerosonic Corporation (AMEX:AIM), a leading supplier of precision flight products for commercial, business and military aircraft, announced today that it and the other parties to the Aerosonic Corporation Securities Litigation filed a Notice of Settlement with the court on April 1, 2005, confirming that all parties had executed a Memorandum of Understanding ('MOU') to settle its pending class action litigation. The MOU defines a total settlement of $5.35 million, of which Aerosonic will pay $800,000. This settlement is contingent upon preliminary and final court approval and could be voided if opt-outs exceed a certain agreed-upon threshold.'This agreement brings us much closer to resolving this litigation and will allow us to more fully concentrate on growing our business. Our Company's performance has allowed us to adequately prepare for this settlement, and we anticipate being able to satisfy this obligation without adversely affecting our liquidity. We are proud of the manner in which we have conducted our affairs during this difficult process and we sincerely appreciate the confidence and support shown to us by our shareholders, customers and employees throughout this period,' stated David A. Baldini, Chairman, President and Chief Executive Officer."
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