STAR TECHNOLOGIES <STTX.O> REVISES 4TH QTR NET
Star Technologies Inc said that a
settlement of a 1985 shareholder lawsuit has produced a 1.3 mln
dlr charge, which the company recorded in its fourth quarter
earnings.
    The company said it will pay the settlement with company
stock, subject to court approval.
    To reflect the settlement, therefore, the company said it
has revised its fiscal fourth quarter, ended March 31, earnings
by 1.3 mln dlrs, or nine cts per share on a primary basis.
    As such, the company said it is recording a net loss of
580,000 dlrs, or four cts a share, versus the net income of
740,000 dlrs previously reported.
    For the year to date ended March 31, net income was reduced
to 1.4 mln dlrs, from the 2.7 mln dlrs previously reported on
May 28.
    The class action suit, filed in a federal district court,
charged the company with various violations of federal
securities laws with regards to the company's initial public
offering in December, 1984 and certain subsequent filings.
 Reuter
