According to the Form 10-K for the fiscal year ended December 31, 2001, immediately prior to the dismissal hearing scheduled on February 6, 2001, the parties agreed to settle the lawsuit. On October 5, 2001, the district court judge approved the settlement.The settlement amount was covered by insurance. The original actions had been consolidated, and the plaintiffs filed an amended complaint. Accordingly, the defendants filed a motion to dismiss the amended complaint.
According to the settlement notice posted on the website dated June 15, 2001, the settlement was for $3,750,000 in cash.
According to a Press Release dated 10/13/99, the complaint charges Quintiles and certain of its officers and directors with violations of the federal securities laws by making misrepresentations about trends in Quintiles' business, and the termination of a series of significant clinical trials. By issuing these allegedly false and misleading statements, defendants artificially inflated the price of Quintiles stock during the Class Period.