Search the web
Welcome, Guest
[Sign Out, My Account]
EDGAR_Online

Quotes & Info
Enter Symbol(s):
e.g. YHOO, ^DJI
Symbol Lookup | Financial Search
IMMR > SEC Filings for IMMR > Form 8-K on 9-Jan-2013All Recent SEC Filings

Show all filings for IMMERSION CORP | Request a Trial to NEW EDGAR Online Pro

Form 8-K for IMMERSION CORP


9-Jan-2013

Other Events


Item 8.01 Other Events.

This Report on Form 8-K is being filed by Immersion Corporation ("Immersion" or the "Company") regarding the settlement of certain stockholder litigation.

Settlement of Certain Litigation

On May 5, 2010, an action entitled Kasmer v. Immersion Corporation, Case No. 5457-VCG (the "Delaware Action"), was filed in Delaware Chancery Court by a stockholder seeking to enforce a demand to inspect certain of the Company's records pursuant to Section 220 of the Delaware General Corporation Law, as a possible prelude to the stockholder bringing a derivative action. The Company filed an answer on June 14, 2010, questioning whether a proper purpose for the records inspection had been stated and raising other defenses concerning the scope of the demand, among other deficiencies. Following a one-day trial on December 2, 2010, the Court significantly narrowed the scope of the demand and the Company responded accordingly. On October 24, 2011, the stockholder filed a motion seeking to compel further responses to the demand, and the Company opposed the stockholder's motion.

On May 30, 2012, the same stockholder filed a putative stockholder derivative action in San Francisco Superior Court, entitled Kasmer v. Richardson et. al., Case No. CGC-12-521211 (the "Derivative Action"), purportedly on behalf of the Company and naming certain of its former directors and officers as individual defendants. A Stipulation of Settlement in the Derivative Action setting forth the terms of the settlement was signed on August 22, 2012 (the "Settlement Stipulation"). The Delaware Action action was dismissed with prejudice by stipulation of the parties on October 22, 2012. The settlement of the Derivative Action and the terms of the Settlement Stipulation were approved by the San Francisco Superior Court on October 26, 2012, and the settlement became final on December 29, 2012.

Pursuant to the Settlement Stipulation the Company has agreed to institute and/or continue various corporate governance procedures and policies set forth in the Settlement Stipulation for a period of three years. The Court has also awarded plaintiff's counsel attorneys' fees and costs in an aggregate amount of $350,000. The Settlement Stipulation provides for a full release of claims between the defendants in the Derivative Action and their Related Parties (as defined in the Settlement Stipulation) and the plaintiff, for all claims that were or could have been brought in the Delaware Action and the Derivative Action. The Settlement Stipulation is available on the Company's website at http://www.immersion.com/docs/Immersion-Stipulation-of-Settlement.pdf.


  Add IMMR to Portfolio     Set Alert         Email to a Friend  
Get SEC Filings for Another Symbol: Symbol Lookup
Quotes & Info for IMMR - All Recent SEC Filings
Sign Up for a Free Trial to the NEW EDGAR Online Pro
Detailed SEC, Financial, Ownership and Offering Data on over 12,000 U.S. Public Companies.
Actionable and easy-to-use with searching, alerting, downloading and more.
Request a Trial      Sign Up Now


Copyright © 2013 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service
SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational purposes only, not intended for trading purposes or advice. Neither Yahoo! nor any of independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. By accessing the Yahoo! site, you agree not to redistribute the information found therein.