REDWOOD CITY, Calif.- LAWFUEL – Law News, Law Jobs -Check Point® Software Technologies Ltd. (Nasdaq: CHKP), the worldwide leader in securing the Internet, today announced that it has reached an agreement-in-principle to settle the class action litigation currently pending in the United States District Court for the Southern District of New York. The litigation was brought on behalf of shareholders who purchased Check Point common stock between July 10, 2001 and April 4, 2002. The class action plaintiffs have also dismissed, without prejudice, the officers and directors who were named as defendants in the lawsuit.
The settlement of $13 million will be paid by Check Point’s insurance carrier and will have no financial impact on the company. The settlement is subject to court approval.
Check Point denies committing any violation of law or wrongdoing and entered into the settlement solely to avoid the burden and distraction of protracted discovery and litigation.
About Check Point Software Technologies Ltd.
Check Point Software Technologies Ltd. (www.checkpoint.com) is a leader in securing the Internet. It is a market leader in the worldwide enterprise firewall, consumer Internet security and VPN markets. Through its NGX platform, the company delivers a unified security architecture for a broad range of perimeter, internal, Web, and endpoint security solutions that protect business communications and resources for corporate networks and applications, remote employees, branch offices and partner extranets. The company’s ZoneAlarm Internet Security Suite and additional consumer security solutions are among the highest rated in the industry today, proactively protecting millions of people from hackers, spyware, viruses and identity theft. Extending the power of the Check Point solution is its Open Platform for Security (OPSEC), the industry’s framework and alliance for integration and interoperability with “best-of-breed” solutions from hundreds of leading companies. Check Point solutions are sold, integrated and serviced by a network of thousands of Check Point partners around the world and its customers include 100 percent of Fortune 100 companies and tens of thousands of businesses and organizations of all sizes.
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