CHARLOTTE, N.C., Feb. 6, 2014 (GLOBE NEWSWIRE) -- Swisher Hygiene Inc. ("Swisher") (Nasdaq:SWSH) (TSX:SWI), a leading provider of essential hygiene and sanitizing products and services, announced today that it has entered into a Stipulation of Compromise and Settlement (the "Settlement") with the Lead Plaintiffs in the consolidated class action lawsuits filed in the U.S. against the Company. Pursuant to the Settlement, which remains subject to Court approval, the Company has agreed to pay $5.5 million (the "Settlement Payment") to a Settlement Fund. The Settlement Payment is reimbursable by Swisher's insurer. Plaintiffs acting on their behalf and on behalf of all Class Members, have agreed to dismiss all claims in the class action against Swisher and the individual defendants with prejudice. The Lead Plaintiff and its Claims Administrator will manage the administration and distribution of the Settlement Fund among the Class Members and the payment of expenses therefrom, subject to Court approval.
"While we have been well represented by our counsel and confident of our litigation position, we believe putting this matter behind us is in the best interest of our customers, employees and shareholders so that we can remain focused on our business," said Richard L. Handley, Chairman of the Board of Swisher.
Cautionary Statement on Forward-Looking InformationAll statements other than statements of historical fact contained in this press release constitute "forward-looking information" or "forward-looking statements" within the meaning of the U.S. federal securities laws and the Securities Act (Ontario) and are based on the expectations, estimates and projections of management as of the date of this press release unless otherwise stated. All statements other than historical facts are, or may be, deemed to be forward looking statements. The words "plans," "expects," "is expected," "scheduled," "estimates," or "believes," or similar words or variations of such words and phrases or statements that certain actions, events or results "may," "could," "would," "might," or "will be taken," "occur," and similar expressions identify forward-looking statements.
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