Force Protection Inc. (Nasdaq: FRPT) said its $24 million settlement to end a shareholder derivative suit without admitting any wrongdoing had won the preliminary approval of a federal court, according to an SEC filing.
YEAH MONEY CAN BUY EVERYTHING, RIGHT?! WELL GUYS IT'S WRONG YOU SHUT THEM UP BUT THERE ARE MORE PEOPLE WHO WILL PROCEED
The Summerville, S.C.-based maker of armored vehicles said the U.S. District Court, District of South Carolina, Charleston division, had issued a preliminary approval, but a final order on the class-action suit was due after a hearing scheduled for Dec. 13.
The suit accused several former and current executives of the company of withholding key accounting and other information to keep the stock price high as they sold shares worth tens of millions of dollars. Former Chairman Frank Kavanaugh and former President Gordon McGilton were among those named in the lawsuit
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