Wireless Firm SATX Settles Shareholder Suit

SATX Inc., a wireless communications company once based in Laguna Hills, said Tuesday that it settled a 1997 shareholder lawsuit by agreeing to distribute 4 million stock warrants among the group of plaintiffs.

SATX, which admitted no wrongdoing, said the warrants may be exercised at $1 over a period of four years.

The suit alleged that SATX executives and directors misrepresented the viability and availability of SATX’s AlphaTrak product lines, a Global Positioning System.

SATX was known as Satellite Control Technologies and based in Laguna Hills at the time the lawsuit was filed in Los Angeles Superior Court. The company renamed itself SATX in July 1999, and has since moved to Tampa, Fla., and then Atlanta.

The company’s shares, which trade over the counter, closed Tuesday at 22 cents, off 3 cents.