UTStarcom Reaches $30M Deal In Shareholder Suit

Law360, New York (June 21, 2010, 6:23 PM EDT) -- Shareholders have asked a judge to approve a $30 million settlement that would end their proposed consolidated class action against UTStarcom Inc. alleging that the company misled investors about the demand for its products.

The plaintiffs, in a motion filed Friday in the U.S. District Court for the Northern District of California, asked a judge to give final approval to their deal with the California-based telecommunications company and its former officers and directors.

Judge James Ware preliminarily approved the settlement in May.

The settlement ends allegations...
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