Plaintiffs Withdraw Appeal of Securities Class Action Suit Against Presstek
Press release from the issuing company
HUDSON, N.H., Jan. 27 -- Presstek, Inc. today announced that the plaintiffs in the purported securities class action lawsuit brought against the company, its former Chief Executive Officer Robert W. Hallman, and its former Chief Financial Officer Neil Rossen, have withdrawn their appeal of the U.S. District Court's recent dismissal of the suit.
The lawsuit was allegedly brought on behalf of purchasers of Presstek's common stock during the period from December 10, 1999 through July 16, 2001, and was filed in June 2003 in the United States District Court for the District of New Hampshire. In October 2004, in a 47-page decision granting Presstek's motion to dismiss, Judge Steven McAuliffe of the U.S. District Court, found that each of the claims brought by the plaintiffs failed to allege a claim on which the Court could grant relief and the case was dismissed. Today, the plaintiffs formally withdrew their appeal of this matter.
"Of course, we are quite pleased with the plaintiffs' withdrawal of their appeal and that we resolved this matter once and for all without going through the appeal process or reaching a settlement," said James F. Scafide, Corporate Counsel of Presstek, Inc. "Throughout this process we have maintained that the allegations raised by the plaintiffs in this matter were without merit. We are happy that we can now put this issue behind us and focus our efforts on more productive matters."
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