Friday, Brocade Securities Litigation Settlement Administration, c/o Epiq Systems Inc. (EPIQ), said that a Federal court has issued an order to notify those who have purchased or acquired common stock of Brocade Communications Systems (BRCD) between May 18, 2000 and May 15, 2005, informing them that a class has been certified and that a settlement of $160,098,500 has been proposed.
The settlement comprises of a $160 million payment by Brocade Communications Systems, and a $98,500 payment by defendant KPMG LLP. Hearing on the settlement is slated to be held on January 23, 2009.
The administration noted that for the proposed settlement to be approved, the court has to judge it as fair, reasonable, adequate and in the best interests of the Class, and should also dismiss with prejudice and release all claims against the settling defendants and current and former Brocade officers and directors.
If approved, the settlement will finally resolve and bring to an end all claims regarding this litigation.
Headquartered in Kansas City, EPIQ Systems provides integrated technology solutions for legal profession in the United States.
EPIQ is currently trading at $16.70, up 1.58% or $0.26, on a volume of 223,045 shares on the Nasdaq.
Shares of Brocade Communications rose 1.52% or $0.05, and are trading at $3.34.
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