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Biotech / Medical : Physician's Computer Net (PCNI)
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To: Bradley W. Fisher who wrote (285)5/15/1999 12:14:00 PM
From: Joe Plasky  Read Replies (1) of 290
 
FYI from 8-K filed on May 5, 1999.

On April 16, 1999 the Registrant entered into a Memorandum of
Understanding ("MOU") to settle the claims asserted in the class action
shareholder lawsuits filed against the Registrant and certain of its current and
former officers and directors in March 1998 in the U.S. District Court for the
District of New Jersey, consolidated under the caption In re Physician Computer
Network, Inc. Securities Litigation, Civil Action No. 98- 981 (MTB). The terms
of the MOU do not settle claims asserted
against certain non-settling defendants and certain potential defendants. The
settlement will provide for the payment of a minimum of $25.25 million in cash
(the "Settlement Amount") to members of the proposed settlement class and the
dismissal and release of all claims relating to the subject matter of the
lawsuits that were or could have been asserted against the Registrant, certain
of its former officers and current directors, and others. The settlement is
subject to certain conditions, including, but not limited to: the Registrant
either paying the Settlement Amount to the plaintiffs by August 10, 1999 or
under certain other circumstances upon the sale of the Company if one occurs;
the execution of a stipulation of settlement; notice to the class; and approval
by the court. In settling the case, the Registrant and the other settling
defendants continued to deny all of the allegations contained in the lawsuit.
The Registrant is entering into the settlement because it would eliminate the
burden and expense of further litigation, which the Registrant and the other
settling defendants believe is in the best interests of the Registrant and all
of its shareholders.
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