Sonicblue reaches class-action suit agreement

Summary: Consumer-electronics maker Sonicblue has reached an agreement to settle a consolidated class-action securities lawsuit that has been pending since November 1997. If the court approves the settlement, the company will contribute 2.4 million shares of stock to settle all claims. The company's former accounting firm, Deloitte & Touche, will also contribute $250,000. The total cost of the settlement will be about $8.6 million and will be counted as a special charge to Sonicblue's results of fiscal fourth-quarter 2001, ending Dec. 31, 2001. --Richard Shim, Special to ZDNet News

Consumer-electronics maker Sonicblue has reached an agreement to settle a consolidated class-action securities lawsuit that has been pending since November 1997. If the court approves the settlement, the company will contribute 2.4 million shares of stock to settle all claims. The company's former accounting firm, Deloitte & Touche, will also contribute $250,000.

The total cost of the settlement will be about $8.6 million and will be counted as a special charge to Sonicblue's results of fiscal fourth-quarter 2001, ending Dec. 31, 2001. --Richard Shim, Special to ZDNet News

Topics: Legal

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