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* News: Boca Raton online aviation services company PartsBase (Nasdaq: PRTS) said on May 9 it reached an agreement to pay at least $1.5 million to settle a federal class action lawsuit pending against it.
A company spokesman said the case concerned possible defects in the company's prospectus. He would not give further information regarding the suit, saying information could be researched on Web sites belonging to the company and the SEC.
PartsBase said the proposed settlement includes $1.5 million in cash, plus interest, payable to the class under an insurance policy, and dismissal of the suit with prejudice. The agreement also bars plaintiffs and members of the class from filing further lawsuits that may arise from the purchase and sale of company stock in the company's IPO.
The company said a final settlement is subject to court approval. PartsBase said...