Key Developments For American Italian Pasta Company
American Italian Pasta Company (AIPC.O) (Consolidated Issue listed on NASDAQ Global Market)
American Italian Pasta Company To Be Listed On NASDAQ
American Italian Pasta Company announced that the Company has been approved for listing on the NASDAQ Global Market. Trading is expected to commence on November 14, 2008 under the symbol 'AIPC'. Since December 2006, American Italian Pasta Company has been quoted on the Pink Sheets, an electronic quotation service for securities traded over-the-counter, under the symbol 'AITP'.
American Italian Pasta Company Concludes Settlements With DOJ And SEC On Historical Accounting Practices
American Italian Pasta Company announced that it has entered into separate settlement agreements with the U.S. Attorney for the Western District of Missouri on behalf of the Department of Justice (USAO) and with the U.S. Securities and Exchange Commission (SEC) to fully resolve the previously disclosed investigations of the Company relating primarily to historical accounting and financial reporting that occurred under prior management. Under the agreement with the USAO, the Company agreed to acknowledge responsibility for the conduct of certain former officers and employees, to continue to cooperate with the USAO, and to pay a monetary penalty of $7.5 million. Under the settlement with the SEC, the Company agreed to a consent injunction requiring future compliance with federal securities laws. The SEC settlement involves no monetary penalty against the Company.
American Italian Pasta Company Announces Final Court Approval of Federal Securities Class Action Settlement Agreement
American Italian Pasta Company announced that on February 12, 2008, in federal court in the Western District of Missouri, U.S. District Judge Ortrie D. Smith granted final approval of the settlement of the federal securities class action captioned In re American Italian Pasta Company Securities Litigation. Under the court's final approval order all claims in this action against current and former officers and directors of the Company have been dismissed.
Jack Kelly Named President And Chief Executive Officer Of American Italian Pasta Company
American Italian Pasta Company announced that Jack Kelly, who joined the Company as Chief Operating Officer, has assumed the positions of President and Chief Executive Officer (CEO). He succeeds Jim Fogarty who has served as the Company's President and CEO. The Company also announced that Paul Geist, who most recently served as the Company's vice president and corporate controller, has been named executive vice president and Chief Financial Officer.
American Italian Pasta Company Announces Settlement of Federal Securities Class Action Lawsuit
American Italian Pasta Company announced that it has entered into a stipulation of settlement (stipulation) with lead plaintiff in the pending federal securities class action lawsuit. The settlement resolves federal securities law claims asserted in the consolidated class action pending in federal court. The federal securities law claims will be settled for approximately $25 million, comprised of $11 million in cash, all of which will be contributed by the Company's insurers, and $14 million in the Company's common shares. Claims asserted against the Company's independent registered public accounting firm, Ernst & Young, LLP, are not part of the settlement. In addition, derivative claims asserted in separate lawsuits against the Company and certain of its former and current officers and directors are not part of the settlement and remain pending.
