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Settlement: Salton/Maxim Housewares Inc. said Friday it will pay $2.4 million to conclude a class-action lawsuit accusing the company of not disclosing important statistics before it sold 2.3 million shares in an initial public offering. Shareholders in the class bought the Mt. Prospect-based appliance-maker’s first publicly traded shares at $12 each on Oct. 9, 1991, only to see Salton’s stock price drop to $6 two months later following the release of 1991 earnings. In the suit filed in late 1991, the shareholders said that Salton withheld, among other things, a decline in its backlog of unfilled orders. Leon Dreimann, president and chief executive of Salton/Maxim, said the lawsuit was “without merit.”
