BISYS Reaches Agreement to Settle Securities Class Action Lawsuits
2006年10月16日 - 9:00PM
ビジネスワイヤ(英語)
The BISYS Group, Inc. (NYSE:BSG), a leading provider of outsourcing
solutions for the financial services sector, announced today that
it has reached an agreement in principle with the lead plaintiffs
to settle the securities class action lawsuit entitled �In re BISYS
Securities Litigation� File No. 04-CV-3840 and a related securities
action pending against it and certain of its former officers and
directors in the United States District Court for the Southern
District of New York. The proposed settlement involves claims
relating to the Company's financial disclosures, including
allegations concerning its financial restatements filed in 2005 and
2006, and is conditioned upon successful negotiation of definitive
documentation and approval by the Court. Under the proposed
settlement, BISYS will pay an aggregate of $66.5 million in cash
into an escrow account within 10 days after preliminary Court
approval. The settlement, which includes no admission of wrongdoing
by BISYS or any of the individual defendants, will be funded
through a combination of cash on hand, BISYS�s existing credit
facility and available insurance proceeds under its $25 million
directors and officers liability policy. BISYS is currently in
discussions with its insurance carriers to determine the final
amount of available insurance proceeds. �We are pleased to have
reached this settlement and firmly believe that it is in the best
interest of the Company and its shareholders,� said Robert Casale,
Chairman, and Interim CEO and President of BISYS. "We see this as a
significant step forward in putting the Company�s financial
reporting issues from the past behind us and allowing the Company
to focus on growing its business and pursuing opportunities to
maximize shareholder value." About BISYS The BISYS Group, Inc.
(NYSE:BSG) provides outsourcing solutions that enable investment
firms and insurance companies to more efficiently serve their
customers, grow their businesses, and respond to evolving
regulatory requirements. Its Investment Services group provides
administration and distribution services for mutual funds, hedge
funds, private equity funds, retirement plans, separately managed
accounts, and other investment products. Through its Insurance
Services group, BISYS is the nation�s largest independent wholesale
distributor of life insurance and a leading independent wholesale
distributor of commercial property/casualty insurance, long-term
care, disability, and annuity products. Additional information is
available at www.bisys.com. Except for the historical information
contained herein, the matters discussed in the press release are
forward-looking statements within the meaning of the safe-harbor
provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are based on management's current
reasonable expectations and are subject to certain assumptions,
risks, uncertainties and changes in circumstances due to future
event, including but not limited to the risk that the settlement
may not be completed or approved by the Court, or might not be
consummated for other reasons and the risks that a significant
number of investors may �opt out� of the settlement and pursue
separate claims against the Company and/or the individual
defendants and that the Company will not be able to reach a final
settlement with one or more of its insurance carriers.
Forward-looking statements are only predictions, not guarantees of
performance, and speak only as of the date they are made. BISYS
disclaims any obligation to update or amend these statements in
light of new information, future events or otherwise. The BISYS
Group, Inc. (NYSE:BSG), a leading provider of outsourcing solutions
for the financial services sector, announced today that it has
reached an agreement in principle with the lead plaintiffs to
settle the securities class action lawsuit entitled "In re BISYS
Securities Litigation" File No. 04-CV-3840 and a related securities
action pending against it and certain of its former officers and
directors in the United States District Court for the Southern
District of New York. The proposed settlement involves claims
relating to the Company's financial disclosures, including
allegations concerning its financial restatements filed in 2005 and
2006, and is conditioned upon successful negotiation of definitive
documentation and approval by the Court. Under the proposed
settlement, BISYS will pay an aggregate of $66.5 million in cash
into an escrow account within 10 days after preliminary Court
approval. The settlement, which includes no admission of wrongdoing
by BISYS or any of the individual defendants, will be funded
through a combination of cash on hand, BISYS's existing credit
facility and available insurance proceeds under its $25 million
directors and officers liability policy. BISYS is currently in
discussions with its insurance carriers to determine the final
amount of available insurance proceeds. "We are pleased to have
reached this settlement and firmly believe that it is in the best
interest of the Company and its shareholders," said Robert Casale,
Chairman, and Interim CEO and President of BISYS. "We see this as a
significant step forward in putting the Company's financial
reporting issues from the past behind us and allowing the Company
to focus on growing its business and pursuing opportunities to
maximize shareholder value." About BISYS The BISYS Group, Inc.
(NYSE:BSG) provides outsourcing solutions that enable investment
firms and insurance companies to more efficiently serve their
customers, grow their businesses, and respond to evolving
regulatory requirements. Its Investment Services group provides
administration and distribution services for mutual funds, hedge
funds, private equity funds, retirement plans, separately managed
accounts, and other investment products. Through its Insurance
Services group, BISYS is the nation's largest independent wholesale
distributor of life insurance and a leading independent wholesale
distributor of commercial property/casualty insurance, long-term
care, disability, and annuity products. Additional information is
available at www.bisys.com. Except for the historical information
contained herein, the matters discussed in the press release are
forward-looking statements within the meaning of the safe-harbor
provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are based on management's current
reasonable expectations and are subject to certain assumptions,
risks, uncertainties and changes in circumstances due to future
event, including but not limited to the risk that the settlement
may not be completed or approved by the Court, or might not be
consummated for other reasons and the risks that a significant
number of investors may "opt out" of the settlement and pursue
separate claims against the Company and/or the individual
defendants and that the Company will not be able to reach a final
settlement with one or more of its insurance carriers.
Forward-looking statements are only predictions, not guarantees of
performance, and speak only as of the date they are made. BISYS
disclaims any obligation to update or amend these statements in
light of new information, future events or otherwise.
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