Business Briefs for April 30, 2008
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Omni Corp. settles suit with executive
Omni Energy Services Corp. has settled a lawsuit filed in December by executive Darcy Klug, with Omni terminating Klug and agreeing to pay him $125,000 immediately and an additional $1.13 million in the future.
Klug, who has been on paid leave, sued the Carencro company claiming some of its board members stiff-armed potential buyers and drove the stock price down to fuel a short-selling scheme.
Omni said the settlement terminated an existing stock agreement with Klug, waived his claims and entered the two parties in a noncompetition agreement going forward, in which Klug will be issued 400,000 shares of restricted stock and be paid $168,000 over the next three calendar quarters.
Brian Recatto, Omni’s chief operating officer, said, “We are pleased to have this litigation behind us and now look forward to focusing on our company’s business objectives.”
Shaw pact includes former La. air base
The Shaw Group Inc. announced that its environmental and infrastructure group has been awarded a contract to provide environmental remediation services at the former Myrtle Beach Air Force Base in South Carolina and former England Air Force Base in Alexandria.
Shaw did not disclose the contract value and said it will be included in the company’s third-quarter fiscal 2008 backlog.
The two bases have been closed since the early 1990s as part of the Department of Defense’s Base Realignment and Closure program.
Omni Energy Services Corp. has settled a lawsuit filed in December by executive Darcy Klug, with Omni terminating Klug and agreeing to pay him $125,000 immediately and an additional $1.13 million in the future.
Klug, who has been on paid leave, sued the Carencro company claiming some of its board members stiff-armed potential buyers and drove the stock price down to fuel a short-selling scheme.
Omni said the settlement terminated an existing stock agreement with Klug, waived his claims and entered the two parties in a noncompetition agreement going forward, in which Klug will be issued 400,000 shares of restricted stock and be paid $168,000 over the next three calendar quarters.
Brian Recatto, Omni’s chief operating officer, said, “We are pleased to have this litigation behind us and now look forward to focusing on our company’s business objectives.”
Shaw pact includes former La. air base
The Shaw Group Inc. announced that its environmental and infrastructure group has been awarded a contract to provide environmental remediation services at the former Myrtle Beach Air Force Base in South Carolina and former England Air Force Base in Alexandria.
Shaw did not disclose the contract value and said it will be included in the company’s third-quarter fiscal 2008 backlog.
The two bases have been closed since the early 1990s as part of the Department of Defense’s Base Realignment and Closure program.
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