Settlement of Occam Networks, Inc. Securities Class Action Lawsuit
Occam Networks, Inc. has agreed to settle and resolve a stockholder class action lawsuit initially filed on April 26, 2007 against Occam, certain of its current and former officers and directors, Occam`s current and former outside auditors, and the lead underwriter of Occam`s November 2006 secondary public offering, according to news reports.
The Occam Networks securities class action litigation is pending in the United States District Court for the Central District of California and relates to a restatement of Occam`s historical financial statements that was announced and completed during 2007.
The settling parties have entered into a memorandum of understanding and will sign and submit a formal, binding stipulation of settlement to the court in the coming weeks. The Occam Networks settlement will resolve this matter as to all defendants other than Occam`s current outside auditor who is not part of this settlement.
The Occam Networks settlement provides for a payment to the class of $12.66 million. The Occam Networks class action settlement is subject to preliminary and, following notice to class members, final approval by the United States District Court for the Central District of California. Final approval of this settlement would mark the end of stockholder litigation involving Occam related to the financial restatement announced in October 2007.
Occam Networks is a leading broadband access supplier offering multiservice access platform (MSAP) solutions based on pure packet technologies.