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Technology / AI and automation

COMPUTER MEMORIES SETTLES CLASS ACTION

Computer Memories Inc, Chatsworth, California has settled the class action suit filed by dissident shareholders in September 1984 alleging misstatements and omissions in its August 1983 prospectus. The defendants will establish a reserve totalling $15.5m, $7m cash from insurance, $4m in cash and $3.5m in new shares from Computer Memories. Computer Memories, now a cash shell, maintains that the allegations are without merit, but did not want the expense of conducting a lengthy jury trial. The settlement cuts the firm’s cashpile down to about $25m.

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CBR Staff Writer

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