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Judge dismisses shareholders lawsuit involving NetSol Technologies

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Judge dismisses shareholders lawsuit involving NetSol Technologies

NetSol Technologies Inc. said June 6 that a judge has issued an order approving a settlement and dismissing with prejudice a shareholder derivative lawsuit involving the company.

The final judgment and order was signed by Superior Court of California Judge Kenneth Freeman on May 30, the company said in a press release.

As a result, all shareholder litigation involving NetSol Technologies in the matter has been resolved, the company said. Freeman signed the order months after he said a proposed settlement had been reached in a lawsuit that alleged the company breached its fiduciary duty relating to the release of a platform used to manage its multi-county finance and leasing operations.

NetSol Technologies is pleased that the matter has been resolved, Chairman and CEO Najeeb Ghauri said in a statement.