Gilat Satellite Networks has announced that it, along with certain former officers of Gilat, reached a proposed settlement in the consolidated securities class action lawsuit filed in the US in 2002 without admitting to any wrongdoing, fault or liability. The parties agreed to the settlement, the entire amount of which will be covered by Gilat's insurance carriers.
Gilat and the plaintiffs will file the settlement papers with the court, which will then hold a preliminary approval hearing. If the court preliminarily approves the proposed settlement, plaintiffs will provide notice to the class, which comprises all shareholders who purchased or otherwise acquired Gilat common stock between February 9, 2000 and May 29, 2002, inclusive.
After a period of time in which class members will be given a chance to raise any objections to, or exclude themselves from, the proposed settlement, the court will hold a final approval hearing to determine the fairness of the proposed settlement.
