On February 6, 2003, the Court entered the Order granting the plaintiff’s motion for class certification. On July 16, 2003, a Stipulation of Settlement was filed. On September 20, 2003, the Court entered the Order approving the settlement of $6,350,000 and dismissing the action with prejudice. The plaintiff’s counsel was further awarded attorney fees and reimbursement of expenses. On December 13, 2004, the Court entered the Settlement Distribution Order.
According to a press release dated May 31, 2002, on May 30, 2002 the United States Court of Appeals for the Third Circuit reversed the dismissal of a securities fraud class action filed against Roche Holding Ltd. (Pink Sheets:RHHBY), brought on behalf of ADR purchasers during the period December 3, 1996 through May 20, 1999 ("class period"). The lawsuit alleges that the trading prices for Roche Holding ADRs were artificially inflated by false and/or misleading statements concerning the competitive market for certain Roche products. The truth became known in May 1999 when Roche Holding's primary subsidiary as well as a Roche Holding officer pled guilty to participation in a price fixing conspiracy in violation of U.S. antitrust laws. The court of appeals found that plaintiff adequately pled reliance upon Roche Holding's misrepresentations, and rejected the contention that Roche Holding, a Swiss corporation, is not amenable to personal jurisdiction in the United States for claims filed by purchasers of ADRs.
By order dated November 13, 2000, the Court dismissed the complaint. The dismissal was without prejudice.
On March 15, 2000, the law firm of Kirby McInerney & Squire, LLP, was appointed lead counsel in a securities class action lawsuit.
The complaint asserted that Roche's ADRs traded at artificially inflated prices throughout the period described above, due to Roche's engaging in illegal price-fixing and anti-competitive practices in violation of U.S. anti-trust laws, which artificially inflated Roche's earnings and the prices of the ADRs. On May 19, 1999, it was announced that Roche's primary operating subsidiary and certain of Roche's officers had pled guilty to violating Unites States antitrust laws; Roche's operating subsidiary paid $500 million in fines.