DPW Holdings Announces That It has Finalized the Terms of a Settlement Agreement in the Derivative Action Filed Against It as...
January 27 2020 - 6:45AM
DPW Holdings, Inc. (NYSE American: DPW) a diversified holding
company (“
DPW,” or the “
Company”)
announced that on January 21, 2020, DPW finalized the terms of the
settlement agreement between Plaintiffs Ethan Young and Greg Young
(the “
Plaintiffs”), derivatively on behalf of
Nominal Defendant DPW against the Company’s then directors and DPW
itself (the “
Defendants”), Case No. 2:18-cv-06578,
filed in the United States District Court (the
“
Court”) in the Central District of California on
July 31, 2018 (the “
Derivative Action”).
On January 21, 2020, the Plaintiffs filed a
Notice of Settled Case in the Derivative Action. (Doc. 77).
Although the matter has been settled in principle, any proposed
settlement agreement (the “Agreement”) must be
approved by the Court. DPW believes that a motion for preliminary
approval of the Agreement will be filed within the next 14
days.
Should the Court preliminarily approve the
Agreement, the Court would then schedule a final approval hearing
with respect thereto. Prior to the final approval hearing, DPW’s
stockholders will be afforded the opportunity to raise objections
to the Agreement. In the event that the stockholders do not object
to the Agreement, DPW believes that the Court would then enter
final approval thereof. The exact terms of the Agreement, as the
same may hereafter be amended or supplemented, will be made
publicly available through the PACER website once the motion for
preliminary approval is filed. The resolution of the Derivative
Action is expected to include a waiver of all claims against the
Company, and release thereof by all of the Company’s
stockholders.
The Company recommends that stockholders,
investors and any other interested parties read the Company’s
public filings and press releases available on its website at
www.DPWHoldings.com under the Investor Relations section or
available at www.sec.gov.
About DPW Holdings, Inc.
DPW Holdings, Inc. is a diversified holding
company pursuing growth by acquiring undervalued businesses and
disruptive technologies with a global impact. Through its wholly
and majority-owned subsidiaries and strategic investments, the
Company provides mission-critical products that support a diverse
range of industries, including defense/aerospace, industrial,
telecommunications, medical, crypto-mining, and textiles. In
addition, the Company owns a select portfolio of commercial
hospitality properties and extends credit to select entrepreneurial
businesses through a licensed lending subsidiary. DPW’s
headquarters are located at 201 Shipyard Way, Suite E, Newport
Beach, CA 92663; www.DPWHoldings.com.
Forward-Looking Statements
This press release contains “forward looking
statements” within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These
forward-looking statements generally include statements that are
predictive in nature and depend upon or refer to future events or
conditions, and include words such as “believes,” “plans,”
“anticipates,” “projects,” “estimates,” “expects,” “intends,”
“strategy,” “future,” “opportunity,” “may,” “will,” “should,”
“could,” “potential,” or similar expressions. Statements that are
not historical facts are forward-looking statements.
Forward-looking statements are based on current beliefs and
assumptions that are subject to risks and uncertainties.
Forward-looking statements speak only as of the date they are made,
and the Company undertakes no obligation to update any of them
publicly in light of new information or future events. Actual
results could differ materially from those contained in any
forward-looking statement as a result of various factors. More
information, including potential risk factors, that could affect
the Company’s business and financial results are included in the
Company’s filings with the U.S. Securities and Exchange Commission,
including, but not limited to, the Company’s Forms 10-K, 10-Q and
8-K. All filings are available at www.sec.gov and on the
Company’s website at www.DPWHoldings.com.
Contacts:
IR@DPWHoldings.com or 1-888-753-2235
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