LeCroy Corporation Announces Voluntary Dismissal of Class Action Lawsuit
LeCroy Corporation (NASDAQ: LCRY) ("LeCroy") announced today that, on July 19, 2012, the previously announced class action lawsuit filed against LeCroy in June 2012 by Robbins Geller Rudman & Dowd LLP in the United States District Court Southern District of New York was voluntarily dismissed by the plaintiff, with prejudice. Neither the Plaintiff nor its counsel received any payment in connection with the dismissal of the case.
The plaintiff's decision voluntarily to dismiss the case followed a ruling by the court, on July 13, 2012, favorable to LeCroy. At the hearing held that day, the court refused either to schedule a preliminary injunction hearing or to allow the plaintiff to take expedited discovery, stating in pertinent part as follows: "[P]laintiff has failed to assert any plausible arguments to support her claim that the individual defendants failed to include material information in the definitive proxy statement."
"We are gratified that the Court recognized the weakness in the plaintiff's claims, which we firmly believe were completely without merit," stated Thomas H. Reslewic, President and Chief Executive Officer of LeCroy.
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