As part of the settlement, the Company has agreed to pay Plaintiff's counsel $80,000, inclusive of both attorney's fees and expenses. The counsel fees will be paid in their entirety by the Company's Directors and Officers Liability Insurance carrier.
Assaf Ran, Chairman of the Board and CEO, stated, "Although pure justice would have meant fighting this lawsuit until a complete dismissal, settling it was a smart and economically efficient decision. It's important to understand that every control item that is mentioned in this agreement was already practiced by the Company and that my personal guarantee had already been given, could not be withdrawn without the consent of the Bank and was generally available to the Company."
CONTACT: Assaf Ran, CEO (516) 444-3400
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts