Fastenal Company - Announces Preliminary Agreement to Settle Purported Class Action Lawsuit
August 29 2008 - 10:16AM
PR Newswire (US)
WINONA, Minn., Aug. 29 /PRNewswire-FirstCall/ -- Fastenal Company
(NASDAQ:FAST) announced today that it has reached a preliminary
agreement to settle a purported class action lawsuit relating to
the classification of its Assistant General Managers as exempt for
purposes of the overtime provisions of the Fair Labor Standards Act
(FLSA) and California, Oregon, and Pennsylvania state statutes.
This suit also alleged that Assistant General Managers in
California did not receive sufficient meal breaks and paid rest
periods under the California Labor Code (Note: This case was
originally reported on Fastenal's Form 10-Q for the quarter ended
September 30, 2007, filed on October 31, 2007). The details of this
preliminary settlement can be found in the Form 8-K filed with the
United States Securities and Exchange Commission on August 29,
2008. Fastenal sells different types of industrial and construction
supplies in the following product categories: threaded fasteners
and miscellaneous supplies; tools; metal cutting tool blades and
abrasives; fluid transfer components and accessories for hydraulic
and pneumatic power; material handling; storage and packaging
products; janitorial, chemical and paint products; electrical
supplies; welding supplies; safety supplies; and metals, alloys and
materials. As of July 31, 2008, Fastenal operated 2,289 stores in
the United States (all 50 states), Canada (all provinces), Puerto
Rico (multiple), Mexico (14 states), Singapore (one location),
Netherlands (one location), and China (one location) selling to the
general public. The Company operates 13 distribution centers
located in Minnesota, Indiana, Ohio, Pennsylvania, Texas, Georgia,
Washington, California, Utah, North Carolina, Kansas, Ontario,
Canada, and Nuevo Leon, Mexico. Additional information regarding
Fastenal Company is available on the Fastenal Company World Wide
Web site at http://www.fastenal.com/. FAST-G DATASOURCE: Fastenal
Company CONTACT: Dan Florness, EVP and Chief Financial Officer of
Fastenal Company, +1-507-454-5374 Web site:
http://www.fastenal.com/
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