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Tech Industry

Short Take: Centennial to settle suits

Centennial Technologies (CENL) has reached an agreement to settle pending class action suits. The company will use proceeds from insurance policies to pay class members, in addition to paying them nearly $1.5 million in cash and issuing them 37 percent of the company's common stock. The lawsuits stem from criminal charges filed against the company's former chief executive over allegations of inflating its financial performance. The plaintiffs, however, retain their claims against the CEO and chief financial officer.

Centennial Technologies (CENL) has reached an agreement to settle pending class action suits. The company will use proceeds from insurance policies to pay class members, in addition to paying them nearly $1.5 million in cash and issuing them 37 percent of the company's common stock. The lawsuits stem from criminal charges filed against the company's former chief executive over allegations of inflating its financial performance. The plaintiffs, however, retain their claims against the CEO and chief financial officer.