This excerpt taken from the BBND 8-K filed Jan 28, 2009.
Item 8.01. Other Events.
On January 27, 2009, BigBand Networks, Inc. (the Company) and all other defendants reached an agreement in principle with the lead plaintiff to settle the consolidated federal securities class action lawsuit, In re BigBand Networks, Inc. Securities Class Action Litigation, No. C-07-5101 SBA (N.D. Cal.).
The agreement provides a full release for all potential claims arising from the securities laws alleged in the initial and consolidated complaints, including claims for alleged violations of the Securities Act of 1933 and the Exchange Act of 1934. The agreement is conditional on several things, including confirmatory discovery and approval of the Court. Under the terms of the proposed settlement, in addition to contributions by the Companys insurers, the Company agreed to pay $1.5 million.
In conjunction with the agreement, the Company will take a charge of $1.5 million for litigation and related expenses to its results of operations for the three months ended December 31, 2008.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.