UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): May 10, 2000
SCHICK TECHNOLOGIES, INC.
(Exact Name of Registrant as Specified in its Charter)
State of Delaware 000-22673 11-3374812
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
31-00 47th Avenue
Long Island City, New York 11101
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (718) 937-5765
- --------------------------------------------------------------------------------
(Former Name or Former Address, if
Changed Since Last Report)
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ITEM 5. OTHER EVENTS
On May 23, 2000, the Registrant announced that it had entered into an
agreement for the settlement of the consolidated securities class action lawsuit
pending against it in the United States District Court for the Eastern District
of New York. The class action Complaint named as Defendants the Registrant,
David B. Schick, Thomas E. Rutenberg and David Spector (collectively, the
"Individual Defendants"), as well as PricewaterhouseCoopers LLP. The Complaint
alleges, inter alia, that certain defendants issued false and misleading
statements concerning the Company's publicly-reported earnings in violation of
the federal securities laws. Under the settlement agreement, reflected in a
Memorandum of Understanding, all claims against the Registrant and the
Individual Defendants are to be dismissed.
The terms of the settlement are subject to approval of the court.
A copy of the Registrant's press release, dated May 23, 2000, announcing
the settlement is filed as Exhibit 99.1 herein.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
Exhibit 99.1: Press release dated May 23, 2000.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
SCHICK TECHNOLOGIES, INC.
(Registrant)
Date: May 23, 2000 By: /s/ David B. Schick
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David B. Schick
Chief Executive Officer
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Schick Technologies Announces Settlement of Securities Class Action
LONG ISLAND CITY, N.Y., May 23, 2000 -- Schick Technologies, Inc. (OTC: SCHK)
today announced that an agreement has been reached to settle the consolidated
securities class action lawsuit filed against the Company in December, 1998.
Under the agreement, all claims against the Company and individuals named as
defendants will be dismissed without presumption or admission of any liability
or wrongdoing. The principal terms of the agreement call for payment to the
Plaintiffs, for the benefit of the class, of the sum of $3.4 million. The
settlement amount is to be paid in its entirety by the Company's insurance
carrier and is not expected to have any direct material impact on the financial
results of the Company. The terms of the settlement are subject to approval by
the Court.
"While we believe that this lawsuit is without merit, the settlement allows us
to avoid the distraction and potential cost of ongoing litigation," said David
B. Schick, Chief Executive Officer of Schick Technologies. "It is in the best
interests of the Company and its shareholders to put this litigation behind us
and focus our resources on the Company's continued recovery."
Schick Technologies, Inc., an ISO 9001 certified company, designs, develops, and
manufactures innovative digital radiographic imaging systems and devices for the
dental and medical markets. The Company's products, which are based on
proprietary digital imaging technologies, create instant high resolution
radiographs and offer significant advantages over conventional x-ray devices.
The Company's plans to focus on its continued recovery, anticipation as to such
recovery, impact of the settlement on the Company's financial results, and other
information in this announcement which is not historical, are forward-looking
statements as defined in the Private Securities Litigation Reform Act of 1995.
Such matters involve risks and uncertainties that could cause actual results to
differ materially from those anticipated, including, but not limited to, court
approval of the settlement, uncertainty as to the future sales volume of the
Company's products and other risks and uncertainties including those detailed in
the Company's filings with the Securities and Exchange Commission.
CONTACT: Eli Schick, Investor Relations of Schick Technologies, 718-482-2225
