Spectranetics Announces Settlement of Securities Class Action Litigation
Business Wire, June 22, 2010
Settlement Amount is Within Limits of Insurance Coverage
COLORADO SPRINGS, Colo. — The Spectranetics Corporation (Nasdaq: SPNC) today announced that it has
agreed in principle to settle both the securities class action
litigation pending against the company and certain of its current and
former officers and directors and the stockholder derivative case naming
the company as a nominal defendant and certain of its current and former
officers and directors as defendants. The class action was brought on
behalf of persons and entities who bought or acquired shares of
Spectranetics common stock between March 16, 2007 and September 4, 2008.
Under the proposed class action settlement, the claims against
Spectranetics and its officers and directors will be dismissed with
prejudice and released in exchange for a cash payment of $8.5 million to
be funded by Spectranetics Insurers. The proposed settlement remains
subject to the satisfaction of various conditions, including negotiation
and execution of a final stipulation of settlement, and approval by the
U.S. District Court for the District of Colorado following notice to
members of the class
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