Federal Court Increases Award in Favor of CombiMatrix to $35.7 Million
Thursday April 24, 6:00 am ET
MUKILTEO, Wash., April 24, 2008 (PRIME NEWSWIRE) -- The United States District Court for the Central District of California increased the award previously issued in favor of CombiMatrix Corporation (NasdaqGM:CBMX - News). The Court originally awarded $32.1 million to CombiMatrix to be paid by National Union Fire Ins. Co. of Pittsburgh, PA, a member company of American International Group (AIG). On April 23, 2008, the Court awarded CombiMatrix an additional $3.6 million in attorneys' fees and litigation costs, thereby increasing the overall award to $35.7 million. This award will be entered as a Final Judgment at a later date, and will continue to earn interest until paid.
``CombiMatrix, which has roughly 6 million shares of stock outstanding, is pleased by the verdict,'' commented Amit Kumar, Ph.D., President and CEO of CombiMatrix Corporation.
CombiMatrix is represented in this litigation by Richard B. Specter of Corbett, Steelman & Specter in Irvine, California. |
