Around the Region
Sonus wins OK of $9.6m settlement
Bloomberg News
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June 18, 2009
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WILMINGTON - Sonus Networks Inc., the Westford-based maker of software used for Internet-based phone calls, won court approval to pay about $9.6 million to settle a class-action lawsuit over claims it issued false statements about its financial health.
The agreement is “adequate and reasonable,’’ US District Court Judge Mark Wolf in Boston said during a hearing yesterday.
Shareholders sued Sonus in 2006, accusing the company and its directors of making false or misleading statements about its business to inflate its share price.
“The company is happy and pleased to resolve the case and move forward,’’ Melissa Coffey, an attorney for Sonus, said yesterday.
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