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Case Status:    SETTLED
On or around 02/23/2001 (Date of order of final judgment)

Filing Date: August 21, 1998

By the Notice of Class Action and Hearing on Proposed Settlement dated November 20, 2000, the settlement was in the amount of $4,000,000 and accrued interest.

As reported by the Company’s FORM 10-K For The Fiscal Year Ended December 31, 2000, in July 2000, with the consent of the Company’s insurance carrier, the Company entered into a Memorandum of Understanding with plaintiffs to settle the Federal Action for an amount within the Company’s directors and officers' insurance policy limits. In November 2000, the parties filed with the Court a Stipulation of Settlement and related exhibits. On February 20, 2001, the Court approved the Stipulation of Settlement and entered an order dismissing with prejudice all claims against the defendants.

According to the same SEC filing, in 1998, various class action complaints were filed in the Superior Court of Washington (the "State Action") and in the U.S. District Court for the Western District of Washington (the "Federal Action") against the Company and certain of its officers and directors, alleging violations of Washington State and U.S. securities laws. In October 1998, the Company and the individual defendants moved to dismiss and stay the State Action. The state law claims in the State Action were subsequently re-filed in the Federal Action. In February 1999, plaintiffs filed a consolidated and amended complaint in the Federal Action, alleging violations of Washington State and U.S. securities laws. In March 1999, the Company and the individual defendants filed a motion to dismiss the consolidated amended complaint in the Federal Action. In July 1999, the Court entered an order denying in part and granting in part the motion to dismiss the complaint in the Federal Action. In November 1999, the Company filed motions for summary judgment and to stay discovery.

The original complaint charges Sonus and certain of its officers and directors with violations of the Securities Exchange Act of 1934. The complaint alleges that Sonus and certain of its officers and directors participated in a fraudulent scheme by misrepresenting the Company's patents; the status of its application for FDA approval of its primary product, EchoGen; the Company's competitive position with Molecular Biosystems, Inc.; and the safety and effectiveness of EchoGen. The complaint alleges that these misrepresentations caused Sonus shares to trade at an artificially inflated price during the Class Period.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Biotechnology & Drugs
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: SNUS
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: W.D. Washington
DOCKET #: 98-CV-01164
JUDGE: Hon. Thomas S. Zilly
DATE FILED: 08/21/1998
CLASS PERIOD START: 09/24/1996
CLASS PERIOD END: 06/08/1998
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Hagens Berman, LLP
    1301 Fifth Avenue Suite 2900, Hagens Berman, LLP, WA 98101
    206.623.7292 · info@hagens-berman.com
  2. Milberg Weiss Bershad Hynes & Lerach LLP (San Diego, CA)
    600 West Broadway, 1800 One America Plaza, Milberg Weiss Bershad Hynes & Lerach LLP (San Diego, CA), CA 92101
    800.449.4900 · support@milberg.com
No Document Title Filing Date
COURT: W.D. Washington
DOCKET #: 98-CV-01164
JUDGE: Hon. Thomas S. Zilly
DATE FILED: 02/12/1999
CLASS PERIOD START: 09/24/1996
CLASS PERIOD END: 06/08/1998
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Hagens Berman, LLP
    1301 Fifth Avenue Suite 2900, Hagens Berman, LLP, WA 98101
    206.623.7292 · info@hagens-berman.com
  2. Milberg Weiss Bershad Hynes & Lerach LLP (S.F., CA)
    100 Pine Street - Suite 2600, Milberg Weiss Bershad Hynes & Lerach LLP (S.F., CA), CA 94111
    415.288.4545 415.288.4534 ·
No Document Title Filing Date