Directors And Officers Say Committee Recommends Dismissal Of Shareholder Suit

Directors And Officers Say Committee Recommends Dismissal Of Shareholder Suit

LOS ANGELES - The defendants in a shareholder derivative lawsuit say in a Dec. 2 filing in California federal court that the suit should be dismissed because a special committee assigned by the company's board of directors has determined that the company should not support the litigation (IP Telesis, Inc, on behalf of itself and all other stockholders of Velocity Networks, Inc. v. Velocity Networks, Inc., et al., No. 11-cv-09950, C.D. Calif.).

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