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Biotech / Medical : CVTX - CV Therapeutics, Inc.
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To: mopgcw who wrote (289)11/3/2006 11:33:25 AM
From: mopgcw  Read Replies (1) of 411
 
Item 8.01. Other Events
In October and November 2006, CV Therapeutics reached preliminary agreements to settle both the pending federal securities class action lawsuit against the company and two individual defendants, captioned In re CV Therapeutics, Inc. Securities Litigation, and the related pending derivative suit against certain of the company's officers and directors, captioned Kangos v. Lange, et. al. Under the terms of the preliminary agreements, the company's insurers will pay an aggregate of $13.5 million to settle all claims and to pay the court-approved fees of plaintiffs' counsel. As part of the preliminary agreement relating to the derivative suit, the company agreed to implement certain non-material corporate governance changes. The defendants will receive a complete release of all claims and expressly deny any wrongdoing. The preliminary agreements are subject to standard conditions, including final court approval. There can be no assurance that final court approval will be obtained.

Separately, CV Therapeutics will participate in dispute resolution proceedings with an insurer over whether or not CV Therapeutics will reimburse that insurer for a portion of the insurer's contribution to the settlement. The amount of CV Therapeutics' reimbursement will not exceed $2.25 million, and may be a lesser amount or zero. The timing of these dispute resolution proceedings has not been determined.

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Personally, i still find most of these lawsuits pure extortion. alas.
end of rant.
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