Unassociated Document
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of the Securities and Exchange Act of 1934
Date
of
Report (Date of earliest reported): June 8, 2007
EMVELCO
CORP.
(Exact
name of registrant as specified in charter)
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Delaware
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001-12000
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13-3696015
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(State
or other jurisdiction of incorporation)
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(Commission
File Number)
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(IRS
Employer Identification No.)
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468
N. Camden Drive, Suite 315, Beverly Hills, CA 90210
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(Address
of principal executive offices) (Zip Code)
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Registrant's
telephone number, including area code: (310)
285-5350
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Copies
to:
Gregory
Sichenzia, Esq.
Stephen
M. Fleming, Esq.
Sichenzia
Ross Friedman Ference LLP
61
Broadway
New
York,
New York 10006
Phone:
(212) 930-9700
Fax:
(212) 930-9725
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instructions A.2. below):
/_/
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
/_/
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
/_/
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act
(17 CFR 240.14d-2(b))
/_/
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act
(17 CFR 240.13e-4(c))
Item
8.01 Other Events.
On
June
8, 2007, the Delaware Court of Chancery (the “Court”) entered an Order and Final
Judgment (the “Order”), approving the settlement of the complaint entitled
Laurence
Paskowitz v. Csaba Toro et al.,
C.A.
No. 2110-N (the “Complaint”), authorizing the parties to consummate the
settlement in accordance with its terms, certifying the class and dismissing
the
litigation with prejudice.
The
Company denied any and all allegations of wrongdoing; however, in the interests
of conserving resources, on April 28, 2006, the parties to the litigation
entered into a Memorandum of Understanding providing for, subject to
confirmatory discovery by plaintiff, the negotiation of a formal stipulation
of
a settlement of the litigation.
The
parties conducted confirmatory discovery, and thereafter, entered into a
stipulation of settlement on April 3, 2007. The settlement provided for
dismissal of the litigation with prejudice and was subject to Court approval.
As
part of the settlement, the Company agreed to pay attorneys' fees and expenses
to plaintiff's counsel in the amount of $150,000. Pursuant to the settlement,
the Company also sent out notices to the members of the class on May 3, 2007.
A
fairness hearing took place on June 8, 2007, and, as stated above, the Order
was
entered on June 8, 2007.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act 1934, the registrant has
duly
caused this report to be signed on its behalf by the undersigned, thereunto
duly
authorized.
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EMVELCO
CORP. |
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By: |
/s/ YOSSI
ATTIA |
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Name:
Yossi Attia |
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Title:
Chief Executive Officer |
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| Date:
June 18, 2007 |
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| Beverly
Hills, California |
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