Judgment Reducing Potential Lawsuit Exposure

RNS Number : 3456T

Spectra Systems Corporation

19 November 2013

 



Spectra Systems Corporation

("Spectra Systems")

Summary Judgment Reducing Potential Lawsuit Exposure

The Board received notice from its attorneys at K&L Gates that the Berkshire County Superior Court has enforced the statute of limitations regarding the lawsuit filed by a shareholder with whom Spectra has had a contract for over a decade.

The lawsuit, which was filed on 13 February 2013 for damages totaling $2,136,091, has been reduced to $1,272,397 due to enforcement of the statute of limitations, which bars claims that accrued more than six years prior to the filing of the lawsuit.

Nabil Lawandy, Spectra System's CEO, stated:

"We are pleased with the Court's decision recognizing that three of the years claimed in the lawsuit are without basis.  We, together with our attorneys, continue to believe that there is no basis for the balance of the claim and we are fully prepared to further aggressively defend our position in the courts if a resolution cannot be reached"

  Enquiries:

Spectra Systems Corporation

Dr. Nabil Lawandy, Chief Executive Officer                           Tel: [phone]

WH Ireland Limited

Chris Fielding (Head of Corporate Finance)                           Tel: [phone]

 

END

 

 

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