Teamster Affiliates Pension Plan, Washington, filed a class-action securities lawsuit against KVH Industries Inc., Middletown, R.I., confirmed attorney Samuel Rudman of Lerach, Coughlin, Stoia, Geller, Rudman & Robbins, which represents the union. The lawsuit, filed in U.S. District Court in Rhode Island, alleges that company officials issued false and misleading financial statements and failed to disclose material information about the company's financial condition to complete a public offering of company stock in April 1996, according to a news release from the $786 million pension fund. Mr. Rudman said the plaintiffs are seeking damages, but the amount is not yet known. KVH develops satellite communications systems, navigation products and fiber optic products.
"Our feeling is that the alleged complaints are entirely without merit and we are going to defend ourselves as aggressively as possible. From our perspective, there's no merit to these allegations," said Christopher Watson, spokesman for KVH.
