Key Developments For Adams Golf, Inc.
Adams Golf, Inc. (ADGF.O) (Consolidated Issue listed on NASDAQ Capital Market)
Adams Golf, Inc. Reaches Settlement In Stockholder Class Action Litigation
Adams Golf, Inc. announced that it has agreed to settle and resolve a stockholder class action lawsuit initially filed in June 1999 against Adams Golf, certain of its current and former officers and directors, and the three underwriters in Adams Golf's July 1998 initial public offering. The litigation is pending in the United States District Court for the District of Delaware and relates to allegations that Adams Golf's initial public offering prospectus was false and misleading. The settling parties have entered into a memorandum of understanding and have agreed to submit a binding settlement agreement to the Court in the coming weeks to resolve this matter against all defendants. The class action settlement will be subject to Court approval. The settlement provides for a payment to the class of $16.5 million, of which Adams Golf has agreed to contribute $5.0 million. Adams Golf is being forced to contribute this $5.0 million because one of its former insurers refused to contribute to the settlement based on the alleged late notice of the claim. Adams Golf has commenced litigation against this former insurer and against its former insurance broker. The settlement will also require Adams Golf to pay to the class action plaintiffs the first $1.25 million of any recovery, net of fees and expenses, that Adams Golf receives from the ongoing litigation with its former insurance carrier and insurance broker.
Adams Golf, Inc. Appoints Pamela High As Interim Chief Financial Officer-Form 8-K
Adams Golf, Inc. reported in its Form 8-K that on April 21, 2009, Eric Logan resigned as the Chief Financial Officer of the Company. The Company has named Pamela High as its Interim Chief Financial Officer, effective as of April 27, 2009.
Adams Golf, Inc. Introduces Lineup Of Products
Adams Golf, Inc. announced that it has introduced a lineup of products: Speedline Drivers and Hybrid-Fairway Woods. The drivers are designed to create less drag and airflow turbulence, thereby increasing clubhead speed and distance. The hybrid-fairway woods continue to redefine the fairway wood category by combining the playability of a hybrid with the distance of a fairway wood.
Adams Golf, Inc. Issues Q2 2008 Revenue Guidance
Adams Golf, Inc. announced that for the second quarter of 2008, it expects revenues to grow 6%-10% from the $30.4 million the Company recorded in the second quarter of 2007.
Adams Golf, Inc. Begins Trading on NASDAQ
Adams Golf, Inc. announced that it has begun trading on NASDAQ. The stock has previously traded at OTC Bulletin Board under the ticker symbol "ADGF".
