Market Overview

Unipixel Says Complaint Dismissed in Southern District of NY

Related UNXL
Mid-Afternoon Market Update: IXYS Surges On Acquisition News; Uni-Pixel Shares Plunge
10 Biggest Mid-Day Losers For Monday

UniPixel, Inc. (NASDAQ: UNXL), a provider of Performance Engineered Films(TM) to the touch screen, flexible printed electronics, and lighting and display markets, has received notice of the voluntary dismissal of a class action complaint that was filed on June 5, 2013 in the Southern District of New York by Marco Meneghetti individually and on behalf of all others similarly situated. Plaintiff Marco Meneghetti, pursuant to Fed. R. Civ. P. 41(a)(1)(A)(i) of the Federal Rules of Civil Procedure, has given notice of the dismissal of the defendants (comprised of UniPixel and its CEO, CFO and chairman) from this proposed class action without prejudice. The plaintiff has moved that an order be entered granting approval of the voluntary dismissal of the defendants without prejudice and without notice in accordance with the provisions of Fed. R. Civ. P. 23(e). This complaint was one of two purported class action complaints filed against UniPixel and its CEO, CFO and chairman that the company reported in a legal update issued on June 19, 2013. The second complaint was filed with the United States District Court, Southern District of Texas. Both complaints alleged the company and its officers and directors violated the federal securities laws, specifically Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, by making purportedly false and misleading statements concerning its licensing agreements and product development. The complaints sought unspecified damages on behalf of a purported class of purchasers of its common stock during the period from December 7, 2012 to May 31, 2013. Similar to the dismissed complaint filed in New York, UniPixel believes the complaint filed in Texas is without merit and it will vigorously defend against it.

Posted-In: News Legal


Related Articles (UNXL)

View Comments and Join the Discussion!