LoJack-Judgment Entered on Prior Jury Verdict in Breach of Contract Case Against Clare, Inc.
01 Junio 2006 - 2:41PM
PR Newswire (US)
WESTWOOD, Mass., June 1 /PRNewswire-FirstCall/ -- LoJack
Corporation (NASDAQ:LOJN) today announced that the Superior Court
of Norfolk County, Massachusetts entered judgment on May 30, 2006
based on the February 9, 2006 jury verdict in favor of LoJack in
its breach of contract suit against Clare, Inc. (Clare), a wholly
owned subsidiary of IXYS Corporation (NASDAQ:SYXI). The Court
entered judgment for damages awarded by the jury in the amount of
$36,700,000, pre-judgment interest at the rate of 12% per annum of
$6,941,984, legal fees of $679,332 and costs of $28,861, for a
total judgment of $44,350,177. Under Massachusetts law, judgments
for the payment of money bear post-judgment simple interest from
the day of entry at the same 12% rate per annum as provided for
prejudgment interest. Clare's motion for judgment notwithstanding
the verdict remains pending. LoJack anticipates that Clare will
appeal the judgment to the Massachusetts Appeals Court. About
LoJack Corporation LoJack Corporation, the premier worldwide
marketer of wireless tracking and recovery systems for valuable
mobile assets, is the undisputed leader in global stolen vehicle
recovery. Its Stolen Vehicle Recovery System delivers a better than
90% success rate and has helped recover more than $3 billion in
global assets. The system is uniquely integrated into law
enforcement agencies in the United States that use LoJack's
in-vehicle tracking equipment to recover stolen assets, including
cars, trucks, commercial vehicles, construction equipment and
motorcycles. Today LoJack operates in 26 states and the District of
Columbia, representing areas of the country with the greatest
population density, and highest number of new vehicle sales and
incidence of vehicle theft. In addition, LoJack technology is
utilized by law enforcement and security organizations in more than
25 countries throughout Europe, Africa, Latin America and Asia.
Contact: Joseph F. Abely Chief Executive Officer (781) 251-4119
Paul McMahon Dir. Corp. Communications (781) 251-4130 John Swanson
Swanson Communications, Inc. (516) 671-8582 DATASOURCE: LoJack
Corporation CONTACT: Joseph F. Abely, Chief Executive Officer,
+1-781-251-4119, or Paul McMahon of Dir. Corp. Communications,
+1-781-251-4130; or John Swanson of Swanson Communications, Inc.,
+1-516-671-8582 Web site: http://www.lojack.com/
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