|
 |
| 2004
News and Press Releases |
|
|
SETTLEMENT "OR" DISMISSAL:
Specialty Laboratories Announces Agreement To Settle Shareholder Class Action
By: Unknown
Business Wire. June 14, 2004
_________________________________________________________________________
EXCERPT: Specialty Laboratories, Inc., a leading hospital-focused clinical reference laboratory, announced today an agreement in principle to settle the securities class action lawsuits brought in the United States District Court for the Central District of California, and subsequently consolidated as "In re Specialty Laboratories Securities Litigation." Subject to approval by the District Court, the settlement calls for payment of $12 million, the entirety of which will be paid by Specialty's insurance carriers, to resolve all claims asserted against Specialty and the individual defendants in this case. "Although Specialty was fully prepared to defend the litigation, the Company decided to settle in order to put the matter behind us, and allow management to focus on running the business and attending to the needs of our clients," commented Nicholas R. Simmons, Specialty's vice-president and general counsel.
|
|
|
