BigClassActions.com

Shareholder Settlement



Edison, NJ: (Oct-18-07) Several lawsuits including a securities class action were brought against Majesco Entertainment Co., a video game company. The suits included two claims filed by Trinad Capital Master Fund. Sources state that Trinad Management, an investment fund, is Majesco Entertainment's largest shareholder. Though Majesco denied the allegations and did not admit to any wrongdoing, it agreed to settle litigation with a $2.5 million payout to shareholders. The company has previously said it recorded a charge of $2.5 million for its fiscal second quarter, ended April 30, 2007. To settle the private securities claim brought by Trinad, Majesco's insurance carrier agreed to make a cash payment, subject to approval of the class action settlement. Majesco said a second lawsuit filed by Trinad purportedly on the company's behalf will not result in any payment to the company. [YAHOO: SHAREHOLDER SETTLEMENT]


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