New Hope, PA: (May-29-07) Several class action shareholder suits that were filed against New Hope-based Navarro Corp., a publisher and distributor of software, music and video titles, were dismissed in a recent court hearing. Navarre officials claimed that several class action lawsuits were filed in 2005 alleging that the company, and certain officers or directors, had violated federal securities laws by inflating financial results and not preparing them in accordance with generally accepted accounting principles. The suits were filed in US District Court for the District of Minnesota. The special litigation committee which investigated all claims finally determined that there was no evidence of wrongdoing by the officers or directors. The court followed the recommendation of a special litigation committee and dismissed the suits. The dismissal by the court was made with prejudice, which means that plaintiffs are barred from bringing an action on the same claim. [
MSN NEWS: NAVARRE DISMISSED]
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