Stratos International Announces Favorable Court Judgment
February 24 2005 - 7:21PM
PR Newswire (US)
Stratos International Announces Favorable Court Judgment CHICAGO,
Feb. 24 /PRNewswire-FirstCall/ -- Stratos International, Inc.
(NASDAQ:STLW), a leading provider of optoelectronic, fiber optic,
and radio frequency (RF) and microwave subsystems and components,
today announced that a federal court has issued a judgment in the
Company's favor in a lawsuit arising out of a 2002 acquisition made
by the Company. On February 16, 2005, the United States District
Court For The Northern District of California entered a judgment in
favor of Stratos in the case of Lego et al. v. Stratos. The case
was originally brought against Stratos by Catherine Lego, as
representative of shareholders of Tsunami Optics, Inc. The case
arose out of Stratos' acquisition of Tsunami Optics, Inc. in
February 2002 and the plaintiffs sought $38 million in damages or
the rescission of the acquisition agreement. The court had
previously dismissed 11 of the 13 claims in the case and a trial on
the remaining two claims (breach of contract and rescission) was
held in December. The court also entered a judgment in favor of the
plaintiffs in connection with counterclaims brought by Stratos. "We
have vigorously defended ourselves against these claims because we
have felt for some time that they were without merit," said Andy
Harris, President and Chief Executive Officer of Stratos
International. "The findings and conclusions of the court confirm
no wrongdoing by either Stratos or the Lego group. Accordingly,
neither party gained from this suit. Obviously, we are very pleased
with the court's decision. These types of things have a way of
distracting a company from its mission, but our focus has remained
on leveraging an excellent and dedicated employee base, building on
our strong long-term customer relationships, and executing on our
operating plan." ABOUT STRATOS INTERNATIONAL Stratos International,
Inc. is a leading designer, developer and manufacturer of active
and passive optical, optoelectronic, RF and Microwave components,
subsystems and interconnect products used in telecom, enterprise,
military and video markets. Stratos has a rich history of optical
and mechanical packaging expertise and has been a pioneer in
developing several optical devices using innovative form factors
for telecom, datacom and harsh environments application. This
expertise, coupled with several strategic acquisitions, has allowed
Stratos to amass a broad range of products and build a strong IP
portfolio of more than 100 patents. Stratos is a market leader in
several niches including specialty optical products such as RJ and
low rider transceivers, Media Interface Adapters, flex circuits, as
well as high performance RF and microwave coax and triax
interconnect products. Stratos currently serves more than 400
active customers in telecom, military and video markets. For
additional information contact Stratos International at 7444 W.
Wilson Ave., Chicago, IL USA 60706-4549; Tel: 708.867.9600. Fax:
708.867.0996. Website: http://www.stratoslightwave.com/ .
DATASOURCE: Stratos International, Inc. CONTACT: Jim Tournier of
Stratos International, Inc. +1-708-457-2645 Web site:
http://www.stratoslightwave.com/
Copyright
Stratos (NASDAQ:STLW)
Historical Stock Chart
From Jun 2024 to Jul 2024
Stratos (NASDAQ:STLW)
Historical Stock Chart
From Jul 2023 to Jul 2024