Mohawk provides litigation and earnings guidance update
Calhoun, ga., jan. 16, 2023 (globe newswire) -- mohawk industries, inc. (nyse: mhk), the world's largest floor covering manufacturer, today announced that it has entered into an agreement with plaintiffs to resolve the previously disclosed securities class action lawsuit. mohawk and certain of its executive officers were named as defendants in this lawsuit initially filed on january 3, 2020, in the united states district court for the northern district of georgia (the “securities class action”). mohawk believes that this securities class action is without merit and that it has substantive defenses to the claims of liability and damages; however, mohawk has concluded that further litigation would be protracted, burdensome and expensive. in exchange for dismissal and a full release of claims against the defendants, the parties reached an agreement to settle the securities class action for $60 million, of which a significant portion is covered by insurance. the settlement of the securities class action is expected to be submitted for preliminary approval by the court. the settlement of this case is subject to the usual and customary final documentation, public notice, and court approval.
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