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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: December 19, 1996
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(Date of the earliest event reported)
Borror Corporation
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(Exact name of Registrant as specified in its Charter)
Ohio 0-23270 31-1393233
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification Number)
5501 Frantz Road, Dublin, Ohio 43017
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(Address of principal executive offices) (Zip code)
614/761-6000
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(Registrant's telephone number, including area code)
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Item 5. Other Events.
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On December 19, 1996, the Registrant (Borror Corporation) agreed to settle
a class action filed on August 2, 1995, in the United States District Court for
the Southern District of Ohio (Case No. C2-95-746) against it, certain of its
present and former directors and officers, and the lead underwriters in its
initial public offering. The class action alleged that the registration
statement for the initial public offering contained false and misleading
statements and asserted violations of Sections 11, 12(2) and 15 of the
Securities Act of 1933. Under the settlement, which is subject to completion of
documentation and approval by the District Court, the defendants have agreed to
establish a fund of $2,300,000.00 which will be made available to pay certain
costs, expenses and attorneys fees and to make a distribution to members of the
plaintiff-class. The Registrant's contribution to the settlement will result in
a pre-tax charge to fourth quarter 1996 earnings of $850,000.00. In entering
into the settlement, neither the Registrant nor the other defendants admitted
liability. Nevertheless, the Registrant believes that settlement of the class
action is in its best interests in order to avoid further costs of litigation.
SIGNATURE
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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.
BORROR CORPORATION
By:
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Robert A. Meyer, Jr.
Senior Vice President and
General Counsel
Dated: December 19, 1996
