October 12, 2007
Tech firm settles SEC charges
Competitive Technologies Inc. said today it has settled a long-standing lawsuit with the Securities and Exchange Commission regarding its 1998 stock repurchase program. Under that program, the Fairfield-based company repurchased shares of its stock from time to time during the period of October 28, 1998 to March 22, 2001. The SEC filed a civil suit against the company in 2004 alleging stock price manipulation. The settlement agreement has been approved by the SEC. It now awaits court approval. No fines or penalties were imposed by the SEC in connection with the settlement.
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