Globecomm Reports Dismissal of Lawsuit
November 30 2012 - 1:58PM
Business Wire
Globecomm Systems Inc. (NASDAQ: GCOM), a leading communications
solutions provider, announced today that the lawsuit captioned Wenz
et al. v. Globecomm Systems, Inc., et al. commenced in the New York
State Supreme Court in Suffolk County on October 11, 2012, has been
dismissed. The lawsuit alleged omissions by Globecomm in connection
with certain items in a proxy statement issued by Globecomm for its
annual meeting of stockholders held on November 15, 2012.
Plaintiffs withdrew their lawsuit after the Court, on November
14, 2012, completely denied plaintiffs’ motion for a temporary
restraining order and a preliminary injunction.
David E. Hershberg, Globecomm’s Chairman and Chief Executive
Officer, stated: “We are extremely pleased that this meritless
lawsuit, which Globecomm vigorously opposed, has been disposed of
in such a prompt fashion. Our shareholders would never have
benefited financially from this case and, as the Court found, there
was nothing improper with respect to Globecomm’s proxy statement.
The Company will not knuckle under to attacks of this kind.”
Globecomm was represented in this case by Kramer Levin Naftalis
& Frankel LLP of New York City and by Hamburger, Maxson, Yaffe,
Knauer & McNally, LLP of Melville, New York.
About Globecomm Systems
Globecomm Systems Inc., (“we”, “our”, “us” or “Globecomm”), is a
leading global communications solutions provider. Employing our
expertise in emerging communication technologies, including
satellite and other transport mediums, we are able to offer a
comprehensive suite of system integration, system products, and
network services enabling a complete end-to-end solution for our
customers. We believe our integrated approach of in-house design
and engineering expertise combined with a world-class global
network and our 24 by 7 network operating centers provides us a
unique competitive advantage. We focus this value proposition to
selective vertical markets, including government, wireless, media,
enterprise, and maritime. As a communications solutions provider we
leverage our global network to provide customers managed access
services to the United States Internet backbone, video content, the
public switched telephone network or their corporate headquarters,
or government offices. We currently have customers for which we are
providing such services in the United States, Europe, South
America, Africa, the Middle East, and Asia.
Based in Hauppauge, New York, Globecomm Systems also maintains
offices in Maryland, New Jersey, Virginia, the Netherlands, South
Africa, Hong Kong, Germany, Singapore, the United Arab Emirates and
Afghanistan.
This press release contains forward-looking statements made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward looking statements are
based on management's current expectations and observations. You
should not place undue reliance on our forward-looking statements
because the matters they describe are subject to certain risks,
uncertainties and assumptions that are difficult to predict. Our
forward-looking statements are based on the information currently
available to us and speak only as of the date of this press
release. Over time, our actual results, performance or achievements
may differ from those expressed or implied by our forward-looking
statements, and such difference might be significant and materially
adverse to our security holders.
We have identified some of the important factors that could
cause future events to differ from our current expectations and
they are described in our most recent Annual Report on Form 10-K,
including without limitation under the captions ''Risk Factors''
and ''Management's Discussion and Analysis of Financial Condition
and Results of Operations,'' and in other documents that we may
file with the SEC, all of which you should review carefully. Please
consider our forward-looking statements in light of those risks as
you read this press release.
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