RNS: Settlement of Legal Claim
Tuesday, 25 February 2020
Synectics plc (AIM: SNX), a leader in the design, integration and support of advanced security and surveillance systems, announces that it has signed a full and final settlement agreement in relation to an employment related legal claim in the US.
The claim, consequent on the termination of the employee's employment in late 2018, included allegations made under California employment statutes that the Company strongly refuted. Initial legal advice to the Company suggested that the claim in total should be settled for a moderate sum close to the amount of contractual remuneration due to the employee on termination. After involvement of the Company's insurers, and following mediation under California law, a full and final settlement agreement was entered into by the parties on 24 February 2020.
As a result, Synectics has made a provision of £908,000 in respect of the claim, including legal costs, as a non-underlying item in its audited final results for the year ended 30 November 2019, which were separately announced today.
For further information, please contact:
Paul Webb, Chief Executive
David Bedford, Finance Director
Tel: +44 (0) 114 280 2828
Tom Griffiths / Henry Willcocks
Tel: +44 (0) 20 7408 4090