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MURPHY

AML Communications to Settle 2 Lawsuits

March 21, 2000|BARBARA MURPHY

AML Communications in Camarillo said it will pay $2.25 million to settle two lawsuits filed in March 1998 in state and federal courts against the company and some current and former officers and directors.

Documents requesting preliminary court approval of the settlement have been filed in federal district court. If the court grants approval, a final settlement hearing should be scheduled within the next three to five months, company officials said.

The state case will be dismissed once the federal lawsuit is settled.

The lawsuits accused AML of overestimating its financial state and ability to market products for fiscal years 1997 and 1998 so it could profit from insider trading, said Kirk A. Waldron, president and chief executive.

"Although we always believed that AML would prevail in these cases, we also recognized the ability these cases had to distract management focus and energy," Waldron said. "The settlement amount will be fully covered by our insurance carrier, and we look forward to putting this matter behind us and getting on with business."

AML designs amplifiers and related products for the wireless industry.

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