Heckmann Corporation Announces Preliminary Settlement in Shareholder Derivative Litigation
April 01 2013 - 7:00AM
Business Wire
Heckmann Corporation (NYSE: HEK) (“Heckmann” or the
“Company”) today announced that it has entered into a stipulation
of settlement with plaintiff and all defendants in a shareholder
derivative lawsuit related to the Company’s acquisition of China
Water & Drinks, Inc. (“China Water”) that was filed in 2010 in
the Superior Court of California. The stipulation of settlement,
which will be filed with the Superior Court of California within
the next week, remains subject to the court’s preliminary and final
approvals.
Subject to final approval of the settlement by the Superior
Court of California, and in exchange for a release of all claims by
plaintiff, among others, and a dismissal of the shareholder
derivative action, the Company has agreed (a) to adopt certain
corporate governance measures, (b) to pay plaintiff’s attorneys
$300,000, which will be paid by the Company’s insurers, and (c) to
issue to plaintiff’s attorneys up to 562,320 shares of Company
common stock. As part of the settlement, the Company and all
defendants specifically deny each of plaintiff's allegations of
wrongdoing.
The information contained in this news release does not
constitute an offer of any securities for sale. The securities
referenced in this press release will not be, or have not been,
registered under the Securities Act of 1933, as amended, and may
not be offered or sold in the United States absent registration or
an applicable exemption from registration requirements.
About Heckmann Corporation
Heckmann Corporation is an environmental solutions company. The
Company is one of the largest companies in the United States
dedicated to providing comprehensive and full-cycle environmental
solutions to our customers in energy and industrial end-markets.
The Company focuses on the delivery, collection, treatment,
recycling, and disposal of restricted solids, water, waste water,
used motor oil, spent antifreeze, waste fluids and hydrocarbons.
Heckmann continues to expand its suite of environmentally compliant
and sustainable solutions to a collection of customers that demand
stricter environmental compliance and accountability from their
service providers.
Interested parties can access additional information about
Heckmann on the Company's web site at http://www.heckmanncorp.com,
and in documents filed with the United States Securities and
Exchange Commission, on the SEC's web site at
http://www.sec.gov.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the safe harbor provisions of the United States
Private Securities Litigation Reform Act of 1995. Words such as
“expect,” “estimate,” “project,” “budget,” “forecast,”
“anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,”
“believes,” “predicts,” “potential,” “continue,” and similar
expressions are intended to identify such forward-looking
statements. Forward-looking statements may involve known and
unknown risks, uncertainties and other factors that may cause
results, levels of activity, performance or achievements to differ
materially from results expressed or implied by this press release.
Such risk factors include, among others: negative or uncertain
outcomes inherent in litigation; difficulties encountered in
acquiring and integrating businesses; whether certain markets grow
as anticipated; and the competitive and regulatory environment.
Additional risks and uncertainties are set forth in Heckmann’s
Annual Report on Form 10-K for the fiscal year ended December
31, 2012, the Current Report on Form 8-K/A filed by Heckmann
on February 11, 2013, as well as Heckmann’s other reports
filed with the United States Securities and Exchange
Commission, all of which are available
at http://www.sec.gov/ and on Heckmann’s website at
http://heckmanncorp.com/. You are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the date of this presentation. All forward-looking statements
are qualified in their entirety by this cautionary statement.
Heckmann undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
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