Watts Water resolves shareholder lawsuit over board removal provision; pays $50K

WATTS WATER TECHNOLOGIES INC

Verified class action filed Oct 6, 2021 challenged bylaw provision allowing board removal without cause as violating Delaware law.
Company amended bylaws to delete the challenged provision, rendering the lawsuit moot.
Court dismissed claim with prejudice; company agreed to pay $50,000 in attorneys' fees and expenses in full settlement.
Company made no admission of wrongdoing; said settlement avoids litigation expense and distraction.

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