MIND CTI class-action thrown out of court

BSS vendor MIND CTI has revealed a US class action lawsuit lodged against the company has been dismissed.

The lawsuit - which targeted the company, its chairperson and CEO, a former CFO and a former director – had sought compensatory damages for alleged misleading statements relating mostly to MIND CTI's investment in auction rate securities.

Plaintiffs have until August 1 to appeal the dismissal. 

MIND CTI has meanwhile revealed it has appointed Aviram Cohen, its controller for the last four years, to serve as interim CFO until a permanent replacement is found for the outgoing Itay Barzilay.