LAWSUITS NEWS & LEGAL INFORMATION
Brooks Automation to Pay $7.75 Million in Securities Class Action
This is a settlement for the Securities/Stock Fraud lawsuit.
Brooks Automation, Inc. announced on Tuesday that it has reached a settlement in principle regarding the consolidated securities class action filed in June 2006 pertaining to the Company's historical stock option granting practices and related accounting.
The terms of the settlement, which include no admission of liability or wrong doing by Brooks, provide for a full and complete release of all claims in the litigation and a payment of $7.75 million to be paid into a settlement fund, pending final documentation and approval by the Court of a plan of distribution. There will be no earnings or cash effect of this settlement as the $7.75 million will be paid by the Company's liability insurers.
Once approved, the settlement will provide a full release of Brooks and the other named defendants in connection with the allegations raised in the class action, and it will resolve all class action litigation pending against the Company and against present and former officers and directors of the Company.
Published on Jun-26-08
The terms of the settlement, which include no admission of liability or wrong doing by Brooks, provide for a full and complete release of all claims in the litigation and a payment of $7.75 million to be paid into a settlement fund, pending final documentation and approval by the Court of a plan of distribution. There will be no earnings or cash effect of this settlement as the $7.75 million will be paid by the Company's liability insurers.
Once approved, the settlement will provide a full release of Brooks and the other named defendants in connection with the allegations raised in the class action, and it will resolve all class action litigation pending against the Company and against present and former officers and directors of the Company.
Legal Help
If you have a similar problem and would like to be contacted by a lawyer at no cost or obligation, please fill in our form.Published on Jun-26-08
