Cemtrex Inc (CETX)

[lucky2505]

“This settlement concludes this matter expeditiously with no additional costs to the Company...”

Saagar would like to have it both ways, wouldn't he? He claimed the lawsuits wouldn't be a burden to the company or stockholders since company insurance would pay the costs; and, by golly, the insurance is paying the costs. That means it would have paid the costs if the company had chosen to "vigorously defend" itself as Saagar had told stockholders that it would. So, his claim that continued litigation “would be protracted, burdensome, and expensive for the Company” is nonsense. The best interests of both company and shareholders would have been served by continuing litigation, winning the lawsuits, and, thereby, proving Cemtrex is not a scam. Of course, Cemtrex is a scam so Saagar knew he could not prevail in court; and when he lost, the insurance company would not be liable for his fraud. That’s why he settled. There was no reason to do so otherwise.