Monday, September 21, 2009

Isilon Settles Suit

Seattle-based data storage firm Isilon Systems reported this morning that the firm has settled a shareholder class action lawsuit against the firm. Isilon said the settlement is worth $15M, but will only cost the firm $2M, due to payment by the firm's insurers. The class action lawsuit was filed in November 2007 over Isilon's December 2006 IPO, and was due to Isilon's restatement of its earnings in several quarters in 2006 and 2007.