USA: IC Isaacs Settles Class Action Lawsuit
IC Isaacs & Company Inc, the designer and marketer of sportswear under the Marithe & Francois Girbaud and Beverly Hills Polo Club brands, is to settle the consolidated securities class action lawsuit filed against the company and certain directors in the United States District Court for the District of Maryland.
Under the terms of the settlement, all claims against the company and all of the other defendants will be dismissed without admission of liability or wrongdoing by any party.
"The settlement will be funded entirely by the company's directors and officers liability insurer"
Robert J. Arnot, chairman and chief executive officer, commented: "We believe that our decision to settle the consolidated class actions is in the best interest of our shareholders because it will remove the uncertainty, expense and distraction of continuing litigation. This will enable us, going forward, to concentrate exclusively on driving growth and profitability in our operations.''
It has already been a troubled year for the company. In May the business was warned that it faced a delisting from the Nasdaq National Market for failing to meet requirements for a minimum public float and for a stock price greater than $1. Prior to this, a net loss for its fourth quarter and year end financial results resulting in the termination of a lucrative licensing agreement with BOSS.
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