Stamford, CT: (Jul-31-07) A class action lawsuit was filed against Viisage Technology Inc., now known as L-1 Identity Solutions Inc., and certain former officers and directors in March and April 2005. The case stemmed from a number of class action complaints filed against the defendant by a putative class consisting of the purchasers of Viisage stock during the period May 12, 2004, to March 2, 2005.
A settlement was reached following a motion by the US District Court for the District of Massachusetts, which dismissed the majority of the claims against L-1 Identity Solutions. The settlement involved L-1 Identity Solutions agreeing to pay $2.3 million to the plaintiff class. The payment would be funded by L-1 Identity Solutions' insurer. The company did not admit to any wrongdoing. [FORBES: VIISAGE SECURITIES]