Sport Haley announced that a class action securities lawsuit that was originally filed in October of 2001 has been settled. The company, Kevin Tomlinson, Robert G. Tomlinson and Robert W. Haley were all named as defendants. The settlement says that Sport Haley will pay $1 million to the class that filed suit, which is defined as “all persons who purchased the common stock of Sport-Haley from 9/4/1996 to 10/16/2000.”
The Defendants settled the class action while continuing to deny any liability in connection with the asserted claims. Attorneys fees will take about 25% of the settlement, while lead plaintiff, J. Roger Gregg, will receive an additional $5,000 fee, and lead plaintiff Anthony Chiarenza will receive a $2,500 fee.
In a release, Kevin Tomlinson, SPOR president and CEO said, “We believe that the negotiated settlement was in the best interests of all the parties concerned. Having this issue settled relieves a burden on the Company's management and allows us to concentrate on moving forward with our strategic plans.”
