WESTBOROUGH , Mass., Jan. 3 /PRNewswire/ -- Peritus Software Services,
Inc. (OTC Bulletin Board: PTUS), a provider of solutions for software
maintenance, today announced that it has received preliminary approval from
the U.S. District Court for the District of Massachusetts of the settlement of
the previously filed class action securities litigation brought against the
Company and certain of its officers and directors covering the class period of
October 22, 1997 through and including October 26, 1998. The $2.8 million
settlement will become effective upon receiving final approval from the Court.
A final approval hearing is scheduled on February 28, 2000. The settlement
will be funded entirely by the Company's directors and officers liability
insurer and provides that the Company and the individual defendants will
receive a full release and dismissal of all claims brought by the class during
the class period when the settlement becomes final.
Separately, the Company announced that it has terminated its engagement of
Covington Associates, the advisor it had retained to render financial advisory
and investment banking services.
About Peritus
Founded in 1991, Peritus Software Services, Inc. is a provider of software
maintenance outsourcing services. Peritus is headquartered in Westborough,
MA. For more information, see the Peritus web site at http://www.peritus.com.
Contact: Ron Garabedian, Treasurer
Peritus Software Services, Inc.
Tel: 508-870-0963
Fax: 508-870-0764
Internet: rgarabedian@peritus.com
Peritus is a registered trademark of Peritus Software Services, Inc.
SOURCE Peritus Software Services, Inc.
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Related links:
http://www.peritus.com
Company News On-Call:
http://www.prnewswire.com/comp/123089.html or fax,
800-758-5804, ext. 123089
CONTACT:
Ron Garabedian, Treasurer of Peritus Software
Services, Inc., 508-870-0963, rgarabedian@peritus.com
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