ClearOne Reports Favorable Results in Lawsuit Appeal
SALT LAKE CITY, April 10, 2013 /PRNewswire/ -- ClearOne (NASDAQ: CLRO) a global provider of audio and visual communication solutions, is pleased to announce an important victory in the Utah Supreme Court in a dispute relating to the company's indemnification of a former officer for costs associated with her criminal defense. As a result of this ruling, which cannot be appealed, ClearOne expects to recoup approximately $500,000 in attorneys' fees previously paid to indemnify the company's former CFO.
"We are pleased that this ruling will result in a significant net financial benefit for ClearOne," said Chairman and CEO Zee Hakimoglu. "I want to thank our current management team and Board of Directors for remaining focused on successfully growing the company while we resolved these legacy matters that transpired nearly ten years ago."
ClearOne has continued to innovate and invest in its business. Over the past several years, with new leadership in place, it has introduced new and innovative audio and video products and enhanced its market opportunity with disciplined acquisitions. These moves have extended the reach of the company's global distribution channels and bolstered its cash position and profitability.
ClearOne is a global company that designs, develops and sells conferencing, collaboration, streaming and digital signage solutions for audio and visual communications. The performance and simplicity of its advanced comprehensive solutions offer unprecedented levels of functionality, reliability and scalability. More information about the company can be found at www.clearone.com.