Gilat To Pay $20M To Settle Securities Class Action

Law360, New York (September 19, 2007, 12:00 AM EDT) -- A district court judge has approved a settlement agreement between Israeli company Gilat Satellite Networks Ltd. and shareholders, putting to rest five years of litigation over alleged securities fraud.

Under the terms of the settlement, approved Tuesday by Judge Charles P. Sifton of the U.S. District Court for the Eastern District of New York, Gilat will pay $20 million to shareholders who purchased allegedly inflated stock between February 2000 and May 2002. In return, the plaintiffs have released Gilat from any damages claims.

In addition, Judge...
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