COLUMBIA, Md., Dec. 10 /PRNewswire-FirstCall/ -- Martek Biosciences Corporation announced today 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.
Martek Biosciences Corporation (Nasdaq: MATK) is a leader in the innovation and development of DHA omega-3 products that promote health and wellness through every stage of life. The company produces life'sDHA(TM), a sustainable and vegetarian source of the omega-3 fatty acid DHA (docosahexaenoic acid), for use in foods, beverages, infant formula, and supplements. The company also produces life'sARA(TM)(arachidonic acid), an omega-6 fatty acid, from a sustainable, vegetarian source, for use in infant formula. For more information on Martek Biosciences Corporation, visit http://www.martek.com.
Sections of this release contain forward-looking statements. These
statements are based upon numerous assumptions which Martek cannot control
and involve risks and uncertainties that could cause actual results to
differ. These statements should be understood in light of the risk factors
set forth in the company's filings with the Securities and Exchange
Commission, including, but not limited to, the company's Form 10-K for the
fiscal year ended October 31, 2006 and other filed reports on Form 10-K,
Form 10-K/A, Form 10-Q and Form 8-K.
|SOURCE Martek Biosciences Corporation|
Copyright©2007 PR Newswire.
All rights reserved