|  | | 2007 News and Press Releases | | |
SETTLEMENT NEWS:
Martha Stewart Living Omnimedia Shareholders to Receive Substantial Compensation in Settlement of Class Suit Sparked by ImClone Scandal;
Milberg Weiss & Bershad LLP Garner $30 Million for Shareholders
Staff Writer - Milberg Weiss & Bershad LLP
PR Newswire US. May 30, 2007
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The United States District Court for the Southern District of New York (Judge John E. Sprizzo) ruled yesterday to approve a $30 million settlement for shareholders of Martha Stewart Living Omnimedia, Inc. (MSO) who purchased MSO common stock between January 8, 2002 and October 2, 2002. The action, In re Martha Stewart Living Omnimedia, Inc. Securities Litigation, alleged that Martha Stewart, MSO and other MSO company executives misled investors by issuing a number of materially false and misleading statements regarding the risks to MSO and to its company brand as a result of damage to Martha Stewart's reputation stemming from the government's investigation into her December 27, 2001 sale of ImClone Systems, Inc. common stock. This settlement was unique in that Martha Stewart personally contributed $5 million of her own funds towards the $30 million settlement fund. The settlement represents a significant portion of class members' estimated damages arising from defendants' alleged wrongful conduct. |
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