Key Developments For Global-Tech Advanced Innovations Inc.
Global-Tech Advanced Innovations Inc. (GAI.O) (Consolidated Issue listed on NASDAQ Global Market)
Global-Tech Advanced Innovations Inc. Comments On FY 2009 Guidance
Global-Tech Advanced Innovations Inc. announced that the Company do not expect overall financial results for fiscal 2009 to improve compared to fiscal 2008.
Global-Tech Advanced Innovations Inc. Announces Approval For Listing Of Common Stock On NASDAQ Global Market
Global-Tech Advanced Innovations Inc. announced that the Company’s common stock has been approved for listing on the NASDAQ Global Market (NASDAQ). As previously announced, trading of the Company’s common stock on the New York Stock Exchange (NYSE) will be suspended effective after the market closes on December 19, 2008. The Company anticipates that trading of its common stock on NASDAQ will commence at the opening of regular trading on December 22, 2008, under its current trading symbol GAI.
Global-Tech Appliances Announces Name Change-Stock Exchange
The Stock Exchange reported that Global-Tech Appliances has changed its name to Global-Tech Advanced Innovations Inc.
Global-Tech Appliances Announces Stock Buy Back
Global-Tech Appliances announced that its Board of Directors has authorized the repurchase of up to two million shares of the Company's common stock. Purchases would be made from time to time in the open market. The Company estimates that purchases would be made over a period of approximately six months. Shares acquired would be available for later issue upon the exercise of stock options and for other corporate purposes.
Global-Tech Appliances Intends to Appeal SEB Patent Infringement Ruling
Global-Tech Appliances announced its intention to appeal a final judgment that it anticipates will be entered as a result of a memorandum decision and order issued by the U.S. District Court for the Southern District of New York in the litigation SEB v. Montgomery Ward, et. al. granting the Company's motion to reduce the amount of the April 21, 2006 jury verdict of $4.65 million to $2.65 million, but denying the Company's remaining requests for relief from the jury verdict and awarding SEB an additional $2.65 million in enhanced damages, in addition to attorney's fees of $932,123.53 and prejudgment interest at the prime rate.
