Odetics and Shareholder Negotiating Out of Court
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Odetics Inc. of Anaheim said that a $5.4-million class-action lawsuit filed against the company by a disgruntled shareholder in 1982 has been taken off the court calendar pending the results of settlement negotiations. The trial had been scheduled to begin last month.
The suit charges that the registration statement and prospectus filed before Odetics’ initial public stock offering in July, 1981, failed to disclose pertinent negative information about the high-technology space and defence electronics company’s business operations and financial condition.
An Odetics spokesman said the company is negotiating with the plaintiff in hopes of settling the matter without a trial. He declined to comment further.
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