Court Approves Class Action Settlement
NORCROSS, Ga., Sept. 28 /PRNewswire-FirstCall/ -- Immucor, Inc. (Nasdaq: BLUD), the global leader in providing automated instrument-reagent systems to the blood transfusion industry, announced today that the Securities and Exchange Commission (SEC) has agreed to a complete settlement of its previously-disclosed investigation into certain activities involving the company's Italian subsidiary.
Under the settlement, without admitting or denying any wrongdoing, the company consented to the entry of an order that it cease and desist from future violations of Sections 13(b)(2)(A), 13(b)(2)(B) and 30A of the Securities Exchange Act of 1934. The SEC did not impose any monetary penalty against the company or require the company to take any further action.
The SEC also approved a separate settlement with Dr. Gioacchino De Chirico, the company's President and CEO, related to the same investigation. Without admitting or denying any wrongdoing, Dr. De Chirico agreed to pay a $30,000 civil penalty and consented to the entry of an order that he cease and desist from causing future violations of Sections 13(b)(2)(A) and 13(b)(2)(B) of the Securities Exchange Act of 1934.
In an unrelated development, on September 26, 2007, the United States District Court for the Northern District of Georgia granted final approval of the settlement of the previously-disclosed class action lawsuit entitled In re Immucor, Inc. Securities Litigation, filed in 2005. Under the settlement, which was previously reported, the company's insurance carrier agreed to pay $2.5 million to the plaintiff class in consideration of an unconditional release of all claims against the company and the individual defendants. The company's only costs were certain legal defense expenses, which have been expensed as incurred. The Court's approval concludes the company's involvement in this litigation and terminates the claims asserted in this litigation as to all class members.
Founded in 1982, Immucor manufactures and sells a complete line of reagents and systems used by hospitals, reference laboratories and donor centers to detect and identify certain properties of the cell and serum components of blood prior to transfusion. Immucor markets a complete family of automated instrumentation for all of its market segments. For more information on Immucor, please visit our website at http://www.immucor.com.
|SOURCE Immucor, Inc.|
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