Last checked at 19 Nov 2013 07:00
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: +1 (0) 401 274 4700
WH Ireland Limited
Chris Fielding (Head of Corporate Finance) Tel: +44 (0) 20 7220 1650