14.11.2014 17:45:27

Uni-Pixel To Settle Shareholder Litigation

(RTTNews) - Uni-Pixel Inc (UNXL) said Friday it has entered memorandums of understanding to settle the following previously disclosed lawsuits

- the securities class action lawsuit pending in the U.S. District Court for the Southern District of Texas, captioned Fitzpatrick, Charles J. v. Uni-Pixel, Inc., et. al.; and

- the consolidated shareholder derivative lawsuit pending in the District Court of Harris County, Texas, captioned In re Uni-Pixel Shareholder Derivative Litigation.

The company said the proposed settlements would resolve for all defendants all of the issues that are pending in the class action and in the consolidated derivative action relating to Uni-Pixel's public statements regarding its licensing agreements and product development. Uni-Pixel determined to settle these matters to eliminate the burden, distraction, and expense of further litigation.

If completed, the class action settlement would result in a payment of $2.35 million in cash to the settlement class, inclusive of fees and expenses.

In addition, Uni-Pixel would issue $2.15 million in common stock to the settlement class. The proposed consolidated derivative settlement would result in a payment of $150,000 in cash, the issuance of $125,000 of Uni-Pixel common stock, and certain governance improvements.

Uni-Pixel anticipates that the cash payment portions of both settlements, totaling $2.5 million, would be paid from insurance proceeds.

Uni-Pixel is a provider of performance engineered films to the touch screen, flexible printed electronics, lighting and display markets.

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