The Company has not admitted nor or will it admit to liability or any wrongdoing in connection with the settlement.
Dismissal of the Newcastle and Kahn shareholder lawsuits.
The Company has also announced the dismissal with prejudice of a shareholder putative class action lawsuit filed in the Superior Court of New Jersey, Chancery Division, Burlington County. As previously announced, the suit, Alan R. Kahn v. Stephen H. Rusckowski, et al.,
Docket No. BUR-C-7-08, was filed on January 22, 2008 by MedQuist shareholder Alan R. Kahn against the Company, Koninklijke Philips Electronics N.V. ("Philips") and four of MedQuist's former non-independent directors, Clement Revetti, Jr., Stephen H. Rusckowski, Gregory M. Sebasky and Scott Weisenhoff. Plaintiff purported to bring the action on his own behalf and on behalf of all current holders of MedQuist common stock. The complaint alleged that defendants breached their fiduciary duties of good faith, fair dealing, loyalty, and due care by purportedly agreeing to and initiating a process for a sale of the Company or a change of control transaction which would allegedly cause harm to plaintiff and the putative class. Plaintiff sought both monetary and injunctive relief.
On June 12, 2008, following Philips' announcement that it was selling its approximately 69.5% interest in MedQuist to CBaySystems Holdings Limited, p
|SOURCE MedQuist Inc.|
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