BOCA RATON, Fla., June 7, 2011 (GLOBE NEWSWIRE) -- Juniper Group (OTCQB:JUNP) announced that it has won a default judgment against two former employees, Michael and James Calderhead.
This lawsuit was commenced on June 15, 2007 by the Company through its subsidiaries, in the U.S. District Court-Eastern District of N.Y. The lawsuit alleges the Calderheads were disloyal employees and committed serious material breaches of their agreements with Juniper.
Juniper sought injunctions restraining the Calderheads from competing with Juniper, compensatory damages in the amount believed to be $10,000,000, punitive damages in the amount of $5,000,000 and attorneys fees, costs and expenses. The Company will employ a forensic accounting firm to assist in determining actual damages.
On March 1, 2011, the Company moved for a default judgment against the Calderheads, which was entered on April 13, 2011, by the Clerk of the U.S. District Court-Eastern District of N.Y. An inquest as to damages is pending and will be determined by a United States Magistrate.
Vlado Hreljanovic, the Company's Chairman stated, "We are grateful for the Court's ruling in our favor. The actions of these disloyal senior employees caused the Company great harm and we commenced this lawsuit against the Calderheads as to not allow their damage to us to go unanswered. This victory sends a strong message that we will defend our business and our rights from those who would seek to take it from us."
Juniper conducts wireless infrastructure services through its operating subsidiaries which focuses their activities in the Eastern and Central United States. We are able to support the deployment of wireless infrastructure services with leading wireless telecommunication companies.
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are based on current expectations, estimates and projections made by management. The Company intends for the forward-looking statements to be covered by the safe harbor provisions for forward-looking statements. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," or variations of such words are intended to identify such forward-looking statements. Forward-looking statements contained in this press release include statements regarding the potential financial settlement. All forward-looking statements in this press release are made as of the date of this press release, and Juniper assumes no obligation to update these forward-looking statements other than as required by law. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth or implied by any forward-looking statements and include the risk that financial settlement will not materialize as anticipated in our Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Copies are available at www.sec.gov.
CONTACT: Juniper Group, Inc. Investor Relations: 516-829-4670