Body Armor Company Shot With $35M Settlement

Law360, New York (July 13, 2006, 12:00 AM EDT) -- Body armor maker DHB Industries Inc. said Thursday it would pay $35 million in cash plus 3.2 million shares of company stock to settle a class action securities lawsuit before the U.S. District Court in Brooklyn.

DHB also announced it would pay $300,000 and adopt certain corporate governance provisions to settle a separate shareholder derivative suit before the same court.

“The actions are being settled because of expense and uncertainty,” said the company, which did not admit any wrongdoing.

The settlements, which are still subject to...
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