Circuit City 2007 Annual Report Download - page 19

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have conducted a deceptive and unlawful enterprise by failing to pay rebates that should have been paid and delaying unnecessarily the payment
of other rebates that were paid. Vukson alleges claims arising under Florida’s Unfair, Deceptive Trade Practice Act, the federal RICO statute,
along with claims for breach of contract, conspiracy to commit fraud and unjust enrichment. Systemax, TigerDirect and OnRebate have moved
to dismiss the Complaint and to transfer the matter to the Southern District of Florida. The Court has not yet ruled on these motions and has not
yet certified a class. The Company intends to vigorously defend this case.
State of Florida, Office of the Attorney General Subpoena
On January 2, 2008 the Company received a subpoena for documents from the Florida Attorney General’s Office relating to the payment and
processing of rebates by the Company. On January 30, 2008 the Company received a second subpoena for additional documents. The Company
is cooperating with the Florida Attorney General’s Office to provide the requested documents.
Other Matters
Systemax is a party to various pending legal proceedings and disputes arising in the normal course of business, including those involving
commercial, employment, tax and intellectual property related claims, none of which, in management’s opinion, is anticipated to have a material
adverse effect on our consolidated financial statements.
Item 4. Submission of Matters to a Vote of Security Holders.
None.
PART II
Item 5. Market for Registrant’s Common Equity and Related Stockholder Matters
Systemax common stock is traded on the New York Stock Exchange under the symbol “SYX.” The following table sets forth the high and low
closing sales price of our common stock as reported on the New York Stock Exchange for the periods indicated.
17
High
Low
2007
First Quarter
$
30.13
$
18.10
Second Quarter
21.75
16.22
Third Quarter
22.12
17.60
Fourth Quarter
24.47
17.95
2006
First Quarter
$
7.33
$
6.23
Second Quarter
7.99
5.87
Third Quarter
16.02
7.25
Fourth Quarter
18.80
9.93