Del Global Technologies obtained final approval from the Securities and Exchange Commission regarding the settlement of claims against the firm in connection with the restatement of financial statements filed by former management for the fiscal years 1997 through the third quarter of fiscal 2000.
The terms of the settlement are unchanged from those previously disclosed, including the payment by Del Global of a civil penalty of $400,000, the company said. The Valhalla, NY-based firm recognized the expense in fiscal 2003.
The terms of the settlement are subject to approval by the U.S. District Court for the Southern District of New York.
By AuntMinnie.com staff writersJune 2, 2004
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