Martek Announces Settlement of Class Action Lawsuit
The parties anticipate filing in the near future a motion in the federal court asking for approval of the proposed settlement, which is required before the settlement becomes effective and final.
11/12/07 Martek Biosciences Corporation has announced that it has entered into a tentative settlement of all claims in the securities class action litigation filed in the United States District Court for the District of Maryland alleging, among other things, violations of Section 10(b) and 20(a) of the Securities Exchange Act of 1934. The settlement will result in the dismissal of the claims against Martek and all other defendants, subject to final court approval.
The proposed settlement of the class action will include a cash payment to the settlement fund of $6 million, all of which will be paid by the Company's insurer. The parties anticipate filing in the near future a motion in the federal court asking for approval of the proposed settlement, which is required before the settlement becomes effective and final. No assurances can be given that the settlement ultimately will be approved by the court.
