zep inc (ZEP) Key Developments
Zep, Inc. Announces Settlement of the Claims with Six of the Plaintiffs in the Aguiar Case
Jan 29 14
On January 23, Zep, Inc. outside law firm entered into a binding memorandum of understanding with counsel for the plaintiffs in the lawsuit known as Aguiar, et al. v. Zep Inc., et al., N.D. Cal. Case No. 3:13-cv-00563-RS (the Aguiar case), that provides for the settlement of the claims against the company of all but six of the plaintiffs in the Aguiar case whose claims were not in arbitration. Pursuant to the terms of the settlement, the company will pay $1,651,596 to settle the claims. The company will also pay pre-judgment interest to the plaintiffs, the amount of which was $812,063 as of January 23. The settlement releases the company from all claims, demands, rights, liabilities and causes of action of every nature and description whatsoever, whether known or unknown, that were asserted in the lawsuit, whether in tort, contract, statue, rule, ordinance, order, regulations, or otherwise, for state wage and hour laws and/or claims that could have been asserted in the lawsuit, whether for economic damages, non-economic damages, restitution, penalties, wages, liquidated damages, or interest arising out of the claims at issue, including: claims for failure to pay wages, for unlawful deductions, for failure to reimburse business related expenses, for inaccurate wage statements, for unfair competition, and for statutory and/or civil penalties to the California Labor Private Attorney General Act. The Company will release the individual plaintiffs from certain claims. Plaintiffs' counsel is obligated to make a good faith effort to obtain settlement agreements from the plaintiffs subject to this settlement prior to 5 p.m. (PST) on January 31, 2014. If any of the plaintiffs fail to sign settlement agreements, the Company may abandon the settlement. The company expects to resolve the claims of the remaining six plaintiffs in the Aguiar case who were not covered by the memorandum of understanding during the company's current fiscal year. The company believes that it will be able to resolve the claims for an amount of money that will not be material to the company's results of operations. The settlement does not resolve the issue of the amount of attorney's fees to which the plaintiffs' lawyers are entitled. That matter will be resolved by court and arbitration proceedings or by mediation. The schedule for resolving the matter has not yet been established. The Company cannot estimate at this time the amount of attorney's fees that it may be required to pay. When the amount is determined, it may be material to the company's results of operations.
Zep Inc. Introduces New Cost-Effective Egg Defoamer Plua
Jan 21 14
Zep Inc. launched Zep's Apex Egg Defoam Plus, a fast-acting, non-silicone, free-rinsing defoamer that can be used in both alkaline and acid cleaning operations. The company will showcase the product, along with its extensive line of Egg Washing Systems and antimicrobial treatments for the Egg & Poultry industry, at the International Production and Processing Expo (IPPE), Jan. 28-30, 2014 in Atlanta. Zep's Apex Egg Defoam Plus is clear and colorless, and will not leave an objectionable odor. It is highly concentrated and extremely dilutable in water at 1:1000 up to 1:5000, making it extremely efficient. It is available in 55-gallon drums or 275-gallon totes. The new product is another example of Zep's complete systems approach to cleaning and sanitation, which includes the products, equipment and value-added service food processors need to help them handle the challenges they face every day.
Zep, Inc. Presents at CJS Securities 14th Annual "New Ideas For The New Year" Investor Conference, Jan-15-2014
Jan 14 14
Zep, Inc. Presents at CJS Securities 14th Annual "New Ideas For The New Year" Investor Conference, Jan-15-2014 . Venue: New York, New York, United States.
Zep Inc. Elects John K. Morgan as Director
Jan 9 14
Zep Inc. at the Annual Meeting of Stockholders held on January 7, 2014, elected John K. Morgan as director to serve for a term of three years until the 2017 Annual Meeting of Stockholders and until his respective successor is duly elected and qualified.
Zep, Inc. Approves Amendment to By-Laws
Jan 9 14
On January 8, 2014, the Board of Directors of Zep Inc. approved an amendment to the Corporation's By-Laws, effective immediately, to re-designate Article IX as Article X and to add a new Article IX that provides that, unless the Corporation consents in writing to the selection of an alternative forum, the sole and exclusive forum for any derivative action or proceeding brought on behalf of the Corporation, any action asserting a claim of breach of a fiduciary duty owed by any director, officer or other employee of the Corporation to the Corporation or the Corporation's stockholders, any action asserting a claim arising pursuant to any provision of the Delaware General Corporation Law, or any action asserting a claim governed by the internal affairs doctrine shall be a state or federal court located within the State of Delaware, in all cases subject to the court's having personal jurisdiction over the indispensable parties named as defendants.