Key Developments For Mind CTI Ltd
Mind CTI Ltd (MNDO.O) (Consolidated Issue listed on NASDAQ Global Market)
MIND CTI Ltd. Announces Record Date And Payment Date Of Cash Dividend Of $0.80 Per Share
MIND CTI Ltd. announced the record date and payment date of the previously announced cash dividend. As previously announced, on September 9, 2009, the Board of Directors resolved that the Company should seek the court approval formally required in order to enable the distribution of a cash dividend in the amount of $0.80 per share. Under Israeli law, a company with insufficient retained earnings is required to obtain approval from the court for such a distribution. Following receipt of approval from the District Court of Haifa, the record date for the dividend will be December 7, 2009, and the payment date will be December 21, 2009. Tax will be withheld at a rate of 20%.
Mind C.T.I. Ltd. (Israel) Delists From TASE
Mind C.T.I. Ltd. announced that on February 7, 2010, the Company's shares will cease from trading on the Tel Aviv Stock Exchange.
MIND CTI Ltd. Reinstates Buyback and Updates On Dividend Distribution
MIND CTI Ltd. announced it is reinstating the buyback program. In September 2008, MIND announced its intention to execute for the first time a buyback program, which commenced in November 2008. The plan, as later updated, contemplates a buyback of MIND ordinary shares for aggregate consideration in cash of up to $2.8 million. As of July 31, 2009, MIND has purchased a total of 2.8 million shares for total consideration of approximately $2.3 million. On August 19, 2009, the Company announced its intent not to make further repurchases at that time. MIND now reinstated the buyback program for the remaining previously approved amount of $500,000. Under the buyback program, share purchases may be made from time to time depending on market conditions, share price, trading volume and other factors. The repurchase may be suspended from time to time or discontinued. On September 9, 2009, the Company's Board of Directors authorized the necessary steps, including applying for the requisite court approval, to enable the distribution of a cash dividend in the amount of $0.80 per share, or approximately $15 million in the aggregate. Under Israeli law, a company with insufficient retained earnings is required to obtain approval from the court for such a distribution.
Law Offices Of Brian M. Felgoise, P.C. Announces Class Action Lawsuit Against MIND CTI Ltd.
Law Offices of Brian M. Felgoise, P.C. announced that a securities class action has been commenced on behalf of shareholders who acquired MIND C.T.I., Ltd. securities between June 8, 2006 through February 27, 2008, inclusive (the Class Period). The case is pending in the United States District Court for the Southern District of New York, against the Company and certain key Officers and Directors. The action charges that defendants violated the federal securities laws by issuing a series of materially false and misleading statements to the market throughout the Class Period which statements had the effect of artificially inflating the market price of the Company's securities.
Federman & Sherwood Files First Securities Class Action Lawsuit Against MIND CTI Ltd.
Federman & Sherwood filed the first class action lawsuit in the United States District Court for the Southern District of New York against MIND CTI Ltd. The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, as more specifically set forth below. The class period is from June 8, 2006 through February 27, 2008. Plaintiff's Complaint alleges that Defendants' material omissions and dissemination of materially false and misleading statements concerning the Company's financial condition, cash management and internal controls caused the Company's stock price to become artificially inflated, inflicting damages on investors.
