Verdasys, Inc.

Verdasys, Inc.

Verdasys, Inc. Securities Settlement

Verdasys Inc is a private company so there are no security identification numbers for Verdasys Inc. common or preferred stock. The lawsuit was settled for $1.05 million in cash. The following is a summary of the proceedings in the lawsuit: ‘Verdasys is a computer security software company with executive offices in Massachusetts. On or about November, 30, 2011, Lead Plaintiffs filed an action captioned Sanderson, et al. v. Verdasys, et al., Civ. A. No. SUCV2012-00621-BLS1, in the Superior Court of the Commonwealth of Massachusetts, Suffolk County (Court), as a putative class action on behalf of holders of the common stock of Verdasys as of April 8, 2011 (Complaint). On May 16, 2012, Defendants moved to dismiss the Complaint. Following full briefing and oral argument of the motion, the Court largely denied the motion to dismiss on October 31, 2012. Following the denial of Defendants motion to dismiss, Lead Plaintiffs and Defendants engaged in extensive discovery. Defendants produced more than 100,000 pages of documents, all of which Lead Plaintiffs Counsel reviewed and analyzed. Further, Lead Plaintiffs produced documents to Defendants and sat for class certification depositions. In addition, Lead Plaintiffs retained a financial market consulting firm to assist in assessing damages.On July 17, 2013, the Settling Parties, as well as Defendants entity and directors and officers (D&O) liability insurance carriers, held a mediation with the Honorable Allan van Gestel, a mediator with extensive experience mediating complex cases like this Litigation. After extensive, arm-length negotiations during the mediation, the parties were unable to reach an agreement in principle to settle the Litigation. On January 27, 2014, Lead Plaintiffs moved the Court for an order certifying the Litigation as a class action under Massachusetts Rule of Civil Procedure 23. After briefing and oral argument, the Court deferred a ruling on Lead Plaintiffs class certification motion. On April 4, 2014, Lead Plaintiffs filed a motion to amend the Complaint to add certain claims of pre-recapitalization preferred shareholders of Verdasys and to remove Plaintiffs request to unwind the Company 2011 recapitalization (Proposed Amended Complaint). On April 7, 2014, the Settling Parties, as well as Defendants entity/D&O liability insurance carriers, held a mediation with Brad Honoroff, Esq., a mediator with extensive experience mediating complex cases like this Litigation. After extensive, arm-length negotiations during the mediation and nearly two months of arm-length negotiations thereafter, the parties reached an agreement in principle to settle the Litigation for $1.05 million cash payment to the Class.’

© copyright 2015, Liquid Claims. All Rights Reserved. www.liquidclaims.com