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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
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CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report: May 20, 1999
MTI TECHNOLOGY CORPORATION
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(Exact Name of Registrant as Specified in its Charter)
Delaware
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(State or Other Jurisdiction of
Incorporation or Organization)
0-23418 95-3601802
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(Commission File Number) (I.R.S. Employer
Identification No.)
4905 E. La Palma Avenue
Anaheim, California 92807
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(Address of Principal Executive Offices) (Zip Code)
(714) 970-0300
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(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS.
The information set forth in the Registrant's news release dated May 20,
1999 is incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits
99.1 Text of Press Release dated May 20, 1999.
2
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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.
MTI TECHNOLOGY CORPORATION
Date: May 21, 1999 /s/ DALE R. BOYD
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Dale R. Boyd
Chief Financial Officer
(Principal Financial Officer)
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INDEX TO EXHIBITS
EXHIBIT DESCRIPTION
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99.1 Text of Press Release dated May 21, 1999
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EXHIBIT 99.1
FOR IMMEDIATE RELEASE
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Media Relations Contact: Investor Relations Contact: PR Agency Contact:
Kevin J. Liebl Frank Yoshino Kari Garcia
Vice President, Marketing Treasurer Comm Strategies
714-693-2740 714-693-2775 949-753-9292
e-mail: [email protected] e-mail: [email protected] e-mail:
[email protected]
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MTI ANNOUNCES PRELIMINARY APPROVAL OF
SETTLEMENT IN SHAREHOLDER LAWSUIT
ANAHEIM, Calif., May 20, 1999 -- MTI Technology Corp. (Nasdaq:MTIC) today
announced that on May 17, 1999 the United States District Court for the Central
District of California entered an order preliminarily approving the settlement
and release of all claims against MTI and certain officers in the consolidated
amended class action complaint entitled "In re: MTI Technology Corp. Securities
Litigation", filed February 2, 1999. This action is a consolidation of two prior
complaints against the Company, "Wei Xin, et al v. MTI Technology Corp, et al.",
filed August 26, 1998, and "Kenneth Bernard Flynn, et al. v. MTI Technology
Corp, et al.", filed October 30, 1998. The agreement between the Company and
plaintiffs provides for a total settlement amount of $900,000. The Company's
unreimbursed portion of the aggregate settlement is approximately $100,000. The
settlement is subject to final approval by the Court.
MTI's mission is to be the premier provider of high-performance, cross-platform
data storage management solutions for the enterprise. MTI integrates distributed
data management software, a hierarchy of modular storage systems and on-site
services to meet the mass storage needs of its customers. Headquartered in
Anaheim, Calif., the company offers services and support from more than 40
offices in the U.S. and Europe. Authorized distributors provide additional sales
and service capabilities in Latin America and Asia/Pacific regions. MTI may be
reached by phone: 800-999-9MTI or 714-970-0300, fax: 714-693-2256 or e-mail:
[email protected]. Information can also be accessed via MTI Online, the company's
World Wide Web server on the Internet at: http://www.mti.com.
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This press release may include forward-looking statements, including statements
regarding the company's product development plans, which are subject to change.
The actual results may differ materially from those described in any
forward-looking statement. Important factors that may cause actual results to
differ are set forth in the company's periodic filings with the U.S. Securities
and Exchange Commission.
MTI is a registered trademark of MTI Technology Corp. All other company, brand
or product names are registered trademarks or trademarks of their respective
holders.
