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DATATRAK International, Inc. Announces Resolution of Litigation with Tabatabai Investment Management LLC (f/k/a Arosa Investment Management LLC) and Alex Tabatabai
DATATRAK International, Inc. Announces Resolution of Litigation with Tabatabai Investment Management LLC (f/k/a Arosa Investment Management LLC) and Alex Tabatabai.
About this update from Datatrak International, Inc.
[{"type":"text","content":"\n\n\n\nDATATRAK International, Inc. Announces Resolution of Litigation with Tabatabai Investment Management LLC (f/k/a Arosa Investment Management LLC) and Alex Tabatabai\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nDATATRAK International, Inc. Announces Resolution of Litigation with Tabatabai Investment Management LLC (f/k/a Arosa Investment Management LLC) and Alex Tabatabai\nPR Newswire\nCLEVELAND, Feb. 23, 2016\n\n\n\nCLEVELAND, Feb. 23, 2016 /PRNewswire/ -- DATATRAK (OTCQX: DTRK) today announces the settlement of litigation with its shareholder and proxy election participant Tabatabai Investment Management LLC (f/k/a Arosa Investment Management LLC) and Alex Tabatabai. DATATRAK also announces that it has finalized changes to its board of directors. In connection with the settlement reached among DATATRAK, Tabatabai Investment Management, Alex Tabatabai, Timothy Biro, James Karis, Jerome Kaiser, Nicholas Loiacono, and Andrew Pitler, Messrs. Kaiser, Karis and Pitler have resigned from DATATRAK's board of directors effective upon the execution of the settlement agreement on February 23, 2016. (The settlement remains subject to customary court approvals.) The continuing directors Jack Jacobs, Jim Bob Ward and Alex Tabatabai thank the resigning directors for their service and cooperation in reaching the settlement announced today. \"This settlement and corresponding board changes brings closure and certainty to our company's shareholder representatives at the board and fulfills the wishes of shareholders in the recent election. It further provides all our stakeholders, including our talented employees and dedicated clients, clarity that DATATRAK has clear and united leadership from its board of directors,\" said new chairman Alex Tabatabai on behalf of the board of directors. \n\nWhile the previous annual meeting and corresponding director elections were contentious and challenging, the resigning and continuing directors immediately set upon the task of reaching a comprehensive settlement at their first meeting on January 22 and we are pleased to announce this p...