US: Hansen Natural reaches lawsuit deal
Hansen Natural Corp has reached a deal to settle two shareholder lawsuits pending in a federal court in the US.
In a filing with the US Securities and Exchange Commission on Monday (25 February), Hansen said it has entered into an agreement that provides for the settlement and dismissal of two shareholder derivative actions, which allege that the company "breached its fiduciary duties by improperly dating Hansen stock options".
As part of the settlement, the drinks company has agreed to keep certain corporate reforms in place for at least two years and is subject to US District Court approval, the company said.
The settlement further provides for plaintiffs' counsel to apply to the court for an award of attorneys' fees in the amount of US$437,500. All attorneys' fees will be paid exclusively by the company's insurance carrier.
The defendants "make no admission of wrongdoing under the settlement" and deny every claim and allegation made against them in the derivative actions.
In October last year, Hansen Natural said that consolidated federal class-action suits against it had been dismissed. The US District Court for the Central District of California granted Hansen's motion to dismiss the complaint, finding that the complaint failed to adequately plead any violations of federal securities laws.
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