Trimble Settles Class Action Lawsuit
SUNNYVALE, Calif., September 24, 1999 -- Trimble (NASDAQ:TRMB) announced today the settlement of the securities class action lawsuit filed on December 6, 1995 against the Company and certain of its current and former officers and directors.
The final court-approved settlement was funded by insurance proceeds and payment by the Company of one million eight hundred thousand dollars,($1.8 million).
The entire amount of the Company's obligations was previously reserved. The settlement will not adversely effect Trimble's financial results.
Trimble is a world leader in designing and developing innovative products enabled by GPS technology. The company provides end-user and OEM solutions for diverse applications including surveying, mapping/GIS, agriculture, construction, mining, military, commercial aviation, automotive, vehicle tracking and timing. Founded in 1978, Trimble now holds more than 200 U.S. patents on GPS and related technology, with over 180 additional patents pending. Located in Sunnyvale, Calif., Trimble has been adding value to GPS since 1984.
This release may contain forward-looking statements based on current expectations that involve a number of risks and uncertainties. Other potential risks and uncertainties that could cause actual events to differ materially are included in the SEC filings, including Form 10-K and Form 10-Q for Trimble.
Media Contact: Investor Relations of Trimble: 408-481-6914