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Four executives have consented to judgments permanently enjoining them from future violations of the charged provisions and requiring them to pay penalties.
Joan Nano, who has been a financial consultant for the Stamford firm since March 27, replaces James DePalma, who resigned as chief financial officer in May.
"We have reluctantly come to the conclusion that now is not the right time for us to pursue such a going private transaction,” the group led by Robert LaPenta wrote to the Stamford firm’s board of directors.
CEO and Chairman Robert LaPenta wrote in letter, “we do not believe that it is in the best interests of the company and its stockholders to continue as a publicly traded enterprise."
The alumnus and trustee contributed $17.5 million to expanding the business program.
Recent wins for the Stamford company include receiving the U.S. Navy’s certification of its advanced LED tube for use throughout the entire fleet.