Globecomm Reports Dismissal Of Lawsuit
Globecomm Systems Inc. (NASDAQ: GCOM), a leading communications solutions provider, announced today that the lawsuit captioned Wenz et al. v. Globecomm Systems, Inc., et al. commenced in the New York State Supreme Court in Suffolk County on October 11, 2012, has been dismissed. The lawsuit alleged omissions by Globecomm in connection with certain items in a proxy statement issued by Globecomm for its annual meeting of stockholders held on November 15, 2012.
Plaintiffs withdrew their lawsuit after the Court, on November 14, 2012, completely denied plaintiffs’ motion for a temporary restraining order and a preliminary injunction.
David E. Hershberg, Globecomm’s Chairman and Chief Executive Officer, stated: “We are extremely pleased that this meritless lawsuit, which Globecomm vigorously opposed, has been disposed of in such a prompt fashion. Our shareholders would never have benefited financially from this case and, as the Court found, there was nothing improper with respect to Globecomm’s proxy statement. The Company will not knuckle under to attacks of this kind.”
Globecomm was represented in this case by Kramer Levin Naftalis & Frankel LLP of New York City and by Hamburger, Maxson, Yaffe, Knauer & McNally, LLP of Melville, New York.About Globecomm Systems Globecomm Systems Inc., (“we”, “our”, “us” or “Globecomm”), is a leading global communications solutions provider. Employing our expertise in emerging communication technologies, including satellite and other transport mediums, we are able to offer a comprehensive suite of system integration, system products, and network services enabling a complete end-to-end solution for our customers. We believe our integrated approach of in-house design and engineering expertise combined with a world-class global network and our 24 by 7 network operating centers provides us a unique competitive advantage. We focus this value proposition to selective vertical markets, including government, wireless, media, enterprise, and maritime. As a communications solutions provider we leverage our global network to provide customers managed access services to the United States Internet backbone, video content, the public switched telephone network or their corporate headquarters, or government offices. We currently have customers for which we are providing such services in the United States, Europe, South America, Africa, the Middle East, and Asia.
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