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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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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) MARCH 26, 1998
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FASTCOMM COMMUNICATIONS CORPORATION
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(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
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VIRGINIA 0-17168 54-1289115
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(STATE OR OTHER JURISDICTION OF CORPORATION) (COMMISSION FILE NO.) (IRS EMPLOYER IDENTIFICATION NO.)
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45472 HOLIDAY DRIVE, STERLING, VIRGINIA 20166
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(ADDRESS OF PRINCIPAL EXECUTIVE OFFICERS) (ZIP CODE)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (703) 318-7750
NONE
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(FORMER NAME AND ADDRESS, IF CHANGED SINCE LAST REPORT)
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ITEM 5.
The Company issued the following press release on February 17, 1998.
FASTCOMM REPORTS ON LAWSUIT RESULTS
STERLING, Virginia, February 17, 1998-- FastComm Communications Corp. today
announced that a jury in Fairfax, Virginia Circuit Court returned a verdict of
$1,125,000 against the company and in favor of Gary Davison, the company's
former Chief Operating Officer. This verdict, which awarded Davison $1,025,000
as the value of unexercised stock options and a $100,000 bonus, plus interest
from April 26, 1996.
This verdict came in the first of two lawsuits filed by Davison. The other, for
wrongful termination, is scheduled to go to trial in June of this year.
Commenting on the verdict, company President Peter Madsen remarked, "We are very
disappointed with the jury's verdict and believe there are a number of grounds
on which it could be overturned. The Company will vigorously and fully pursue
its rights, including an appeal.
Forward looking statements are made in this release pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. Investors
are cautioned that all forward looking statements are subject to risks and
uncertainties, including, without limitation, the timing of new announcements or
introductions by the Company and its competitors, the hiring and retention of
key employees, competitive pricing pressures, dependence on third party for
components and products, and general economic conditions in the United States
and international markets and the risk factors detailed from time to time in the
Company's periodic reports and registration statements filed with the Securities
and Exchange Commission.
FASTCOMM COMMUNICATIONS CORPORATION
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(Registrant)
March 27, 1998
By: /s/ Mark H. Rafferty
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Name: Mark H. Rafferty
Title: Vice President and
Chief Financial Officer
2.
