Presstek Announces Dismissal of Securities Class Action Suit
Press release from the issuing company
HUDSON, N.H., Oct. 4 -- Presstek, Inc. today announced that the purported securities class action lawsuit brought against the company, together with its former Chief Executive Officer Robert W. Hallman, and former Chief Financial Officer Neil Rossen, has been dismissed. The suit, claiming to be brought on behalf of purchasers of Presstek's common stock during the period from December 10, 1999 through July 16, 2001, was filed in June 2003 in the United States District Court for the District of New Hampshire.
In a 47-page decision granting Presstek's motion to dismiss, United States District Court Judge Steven J. McAuliffe found that each of the claims brought by the plaintiffs failed to allege a claim on which the Court could grant relief and ordered that the Clerk of the Court enter judgment closing the case.
"This is a great legal victory for Presstek," said Moosa E. Moosa, Presstek's Vice President-Finance and CFO. "Our legal team did a magnificent job with this case. Brian Pastuszenski of the Boston law firm of Testa, Hurwitz & Thibeault, LLP represented Presstek in the litigation. We have maintained all along that the claims were without merit and we are happy to have this behind us."
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