Settlement in Principle Would Bring To Close Derivative Lawsuit Filed in
ST. LOUIS, April 8, 2008 /PRNewswire-FirstCall/ -- KV Pharmaceutical Company (NYSE: KVa/KVb), a fully integrated specialty pharmaceutical company that develops, manufactures, acquires and markets technology differentiated branded and generic/non-branded prescription pharmaceutical products, announced today that it has reached a comprehensive settlement agreement in principle with the plaintiffs in a derivative lawsuit relating to the Company's historic stock option granting practices, subject to limited confirmatory discovery and court approval. Fees and costs awarded by the Court are expected to be covered by insurance.
Upon final Court approval of the settlement agreement, all private securities litigation pending against the Company regarding the stock option matter will be resolved.
"Upon its finalization, the settlement of this litigation will be another step, along with the recent filing of the Company's Form 10-Q's and Form 10-K for Fiscal 2007, towards putting the entire option issue behind us," stated Marc S. Hermelin, Chairman of the Board.
About KV Pharmaceutical Company
KV Pharmaceutical Company is a fully integrated specialty pharmaceutical company that develops, manufactures, markets and acquires technology- distinguished branded and generic/non-branded prescription pharmaceutical products. The Company markets its technology-distinguished products through ETHEX Corporation, a national leader in pharmaceuticals that compete with branded products, and Ther-Rx Corporation, its branded prescription pharmaceutical subsidiary.
For further information about KV Pharmaceutical Company, please visit the Company's corporate website at http://www.kvpharmaceutical.com.
The information in this release may contain vari
|SOURCE KV Pharmaceutical Company|
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