DPW Holdings Announces That It Has Entered Into a Definitive Settlement Agreement in the Derivative Action Filed Against It a...
February 25 2020 - 6:45AM
DPW Holdings, Inc. (NYSE American: DPW) a diversified holding
company (“
DPW,” or the “
Company”)
announced that on February 19, 2020, DPW entered into a definitive
settlement agreement between Plaintiffs Ethan Young and Greg Young,
derivatively on behalf of Nominal Defendant DPW against the
Company’s then directors and DPW itself, 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.
Under the terms of the settlement agreement, the
Company’s Board of Directors will implement certain changes to the
Company’s bylaws, committee charters, corporate governance
policies, and the composition of the Board, including the
resignation of a current director and the appointment of two new
independent directors. In addition, the parties have agreed upon a
payment of attorneys’ fees in the amount of $600,000 payable by the
Company’s Director & Officer liability insurance.
The settlement agreement contains no admission
of wrongdoing. The Company has always maintained and continues to
believe that it did not engage in any wrongdoing or otherwise
commit any violation of federal or state securities laws or other
laws.
There can be no assurance that the settlement
will be finalized and approved by the Court and, even if approved,
whether the conditions to closing will be satisfied, and the actual
outcome of this matter may differ materially from the terms of the
settlement described herein.
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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