Benzinga | Aug 26, 2021 04:33PM EDT

Evoqua Water Technologies Announces Proposed Settlement of Stockholder Derivative Action, Hearing Scheduled For Nov. 2, 2021

Evoqua Water Technologies Corp. (NYSE:AQUA), a leader in mission-critical water treatment solutions, today announced that on August 23, 2021, the United States District Court for the Western District of Pennsylvania entered an order preliminarily approving a settlement of the previously disclosed stockholder derivative action entitled In re Evoqua Water Technologies Corp. Derivative Litigation and scheduling a hearing for November 2, 2021, to determine whether to give final approval to the settlement.

Under the settlement agreement, the company agreed to implement a series of enhanced corporate governance measures, including the replacement of a non-independent director serving on the company's Board of Directors with a new director who meets the New York Stock Exchange criteria for director independence; enhancements to the responsibilities and duties of the company's Director of Ethics and Compliance position; additions to the charter of the Compensation Committee of the Board of Directors; employee training in risk assessment and compliance; mandatory continuing director education programs; and the establishment of a management-level Risk Committee responsible for the company's risk management policies and oversight of the operations of the company's risk management framework.

A copy of the court-approved notice of the proposed settlement describing the litigation and the settlement in greater detail and specifying the procedures and deadlines for any stockholder objections is available, along with a copy of the full stipulation of settlement, on Evoqua's Investor Relations website at https://aqua.evoqua.com.