Cemtrex Inc. (Nasdaq: CETX, CETXP, CETXW), a world technology and manufacturing company, has announced that the company has agreed to settle the pending alleged securities class action lawsuit filed against it in the Eastern District of New York, the company said.
The company has also agreed to settle the related stockholder derivative litigation filed in the Eastern District of New York and New York state court.
Under the class action settlement, the company specifically denies that it has engaged in any wrongdoing or had liability. On behalf of the defendants, the company´s insurer will pay USD 625,000 to the class of plaintiffs to resolve all claims that the plaintiffs asserted or could have asserted in the litigation.
Under the derivative litigation settlement, the company will implement certain corporate governance changes and modify certain governance practices, and the company´s insurer will pay USD 100,000 to the plaintiffs´ counsel.
The company is represented by Doug Greene, a nationally prominent securities litigation attorney, of the law firm of Baker Hostetler.
Cemtrex is the manufacturer of the SmartDesk, the world´s most advanced workstation. Cemtrex is a diversified technology company that´s driving innovation in a wide range of sectors, including smart technology, virtual and augmented realities, advanced electronic systems, industrial solutions, and intelligent security systems.