Re: Farmas USA
GALE
Galena Biopharma Announces Settlement of Securities Class Action and Shareholder Derivative Lawsuits
http://finance.yahoo.com/news/galena-biopharma-announces-settlement-securities-120500832.html?soc_src=mediacontentstory&soc_trk=tw
The agreement in the securities action provides for a settlement payment to the class of $20,000,000, of which $16,700,000 will be paid by the Company's insurance carriers, and $3,300,000 will be paid by the Company through a combination of $2,300,000 in cash and $1,000,000 in shares of the Company's common stock. The shares shall constitute less than one percent of the total shares then outstanding.
The terms of the settlement for the derivative action include a payment of $15,000,000 in cash by the Company's insurance carriers, which the Company will use to fund the class action settlement, and cancellation of 1,200,000 director stock options. Galena has also agreed to adopt or continue its implementation of changes and additions to certain corporate governance policies, protocols and practices. In addition, the Company's insurance carriers agreed to pay $5,000,000 for plaintiff's attorneys' fees and costs, subject to Court approval.
