Subject: Action Products International (NASDAQ:APII) Awarded $5.1 Million Damages for Breach of Contracts
Importance: High
Info on Action Products International (Nasdaq:APII) below...
$5.1 Million in damages awarded to APII represents $1.00/share.
Rick Lutz
LC Group
404-261-1196
________________________________________
AP
Action Products Wins Suit Vs Lung Cheong
Friday October 13, 11:51 am ET
Action Products Wins $5.1 Million Damages in Suit Against Hong Kong's Lung Cheong
ORLANDO, Fla. (AP) -- Toy designer Action Products International Inc. said Friday it won a civil lawsuit against Lung Cheong International Holdings Ltd. of Hong Kong and its U.S. unit, and is entitled to $5.1 million damages plus legal fees and costs.
After a 6-day trial, the jury found Lung Cheong and its American subsidiary used information, learned from confidential discussions with Action Products, to take an acquisition away from the company.
The jury further found Action Products' former Chief Financial Officer Timothy L. Young aided Lung Cheong in this matter.
In 2001, Action Products had worked more than six months on a pending acquisition of a New Hampshire-based toymaker when the company was exploring outside funding and partnerships under confidentiality agreements, disclosing its negotiations, plans and evaluations to Lung.
AI
