A securities class action lawsuit, filed on behalf of shareholders who bought Check Point Software Technologies Ltd stock between July 10, 2001 and April 4, 2002, and names certain officers and directors as defendants, has seen better days with a $13 million settlement.
The worldwide leader in securing the Internet has agreed to settle but is quick to state that Check Point’s insurer will reimburse the payment, thus, will have no financial impact on the company. Along with the settlement, the Israeli Internet security software maker denies any violation of law or wrongdoing and has said that it entered into the settlement solely to avoid the burden and distraction of protracted discovery and litigation.
The case was filed in the United States District Court for the Southern District of New York. The settlement is still subject to court approval.
Check Point Software Technologies Ltd is a market leader in the worldwide enterprise firewall, consumer Internet security and VPN markets. Through its NGX platform, the company delivers 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.
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.