Judge OKs $3.25M Class Deal In Orion IPO Suit

Law360, New York (January 4, 2011, 5:27 PM EST) -- A federal judge has preliminarily approved a $3.25 million settlement in a securities class action over the 2007 initial public offering of energy-efficient lights maker Orion Energy Systems Inc.

Judge Richard J. Sullivan of the U.S. District Court for the Southern District of New York issued an order Monday approving the deal between lead plaintiff Iron Workers Local No. 25 Pension Fund, Orion and the company's underwriters.

The settlement class includes anyone who purchased stock through Orion's IPO between Dec. 18, 2007, and Feb. 7, 2008,...
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