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PETAH TIKVA, Israel, Oct. 15, 2013 (GLOBE NEWSWIRE) -- Gilat Satellite Networks Ltd. (Nasdaq:GILT), a worldwide leader in satellite networking technology, solutions and services, today announced that it has received a favorable judgment fully dismissing a $12.4 million lawsuit filed against Gilat and others in 2009.
The lawsuit was filed in the central district court in Israel by eight shareholders (Israeli companies and individuals) against the Company, all of its directors at the time of the filing and York Capital Management, a major shareholder of Gilat (which was later dismissed from the claim). The plaintiffs claimed damages based on the amounts they would have been paid upon closure of a merger agreement signed March 31, 2008 with a consortium of buyers.
The court dismissed the lawsuit in its entirety and awarded Gilat with legal expenses. The court found that the executives of Gilat, led by the Chairman of the Board, Mr. Amiram Levinberg, then also Chief Executive Officer, acted impeccably, professionally and in good faith, putting the interests of Gilat and its shareholders first.
The plaintiffs have the right, within the next 45 days, to appeal to the Supreme Court in an attempt to change this ruling.
Gilat Satellite Networks Ltd (Nasdaq:GILT) (TASE:GILT) is a leading provider of products and services for satellite-based broadband communications. Gilat develops and markets a wide range of high-performance satellite ground segment equipment and VSATs, with an increasing focus on the consumer and Ka-band market. In addition, Gilat enables mobile SOTM (Satellite-on-the-Move) solutions providing low-profile antennas, next generation solid-state power amplifiers and modems. Gilat also provides managed network and satellite-based services for rural telephony and Internet access via its subsidiaries in the United States, Peru and Colombia.
With over 25 years of experience, and over a million products shipped to more than 85 countries, Gilat has provided enterprises, service providers and operators with efficient and reliable satellite-based connectivity solutions, including cellular backhaul, banking, retail, e-government and rural communication networks. Gilat also enables leading defense, public security and news organizations to implement advanced, on-the-move tactical communications on board their land, air and sea fleets using Gilat's high-performance SOTM solutions. For more information, please visit us at
www.gilat.comCertain statements made herein that are not historical are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. The words "estimate", "project", "intend", "expect", "believe" and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties. Many factors could cause the actual results, performance or achievements of Gilat to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others, changes in general economic and business conditions, inability to maintain market acceptance to Gilat's products, inability to timely develop and introduce new technologies, products and applications, rapid changes in the market for Gilat's products, loss of market share and pressure on prices resulting from competition, introduction of competing products by other companies, inability to manage growth and expansion, loss of key OEM partners, inability to attract and retain qualified personnel, inability to protect the Company's proprietary technology and risks associated with Gilat's international operations and its location in Israel. For additional information regarding these and other risks and uncertainties associated with Gilat's business, reference is made to Gilat's reports filed from time to time with the Securities and Exchange Commission.