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MedQuist Announces Resolution of the DOJ Investigation and Dismissal of Shareholder Lawsuits
Date:12/3/2008

laintiff filed an amended class action complaint. In that amended complaint plaintiff asserted a claim against the Company, eight of MedQuist's current and former directors, and Philips. Plaintiff alleged that MedQuist's current and former directors breached their fiduciary duties of good faith, fair dealing, loyalty, and due care by not permitting the Company's public shareholders the opportunity to decide whether they wanted to participate in a share purchase offer with non-party CBaySystems Holdings Limited that would have allowed the public shareholders to sell their shares of MedQuist common stock for an amount above market price. Plaintiff further alleged that CBaySystems Holdings also made the share purchase offer to MedQuist's former majority shareholder, Philips, and that Philips breached its fiduciary duties by accepting CBaySystems Holdings' offer. Based on these allegations, plaintiff sought declaratory, injunctive, and monetary relief from all defendants.

In July 2008, the defendants filed motions to dismiss plaintiff's amended complaint. Oral argument on the motions was heard on November 7, 2008 and on November 21, 2008, the court issued an Order and Opinion that granted the defendants' motions to dismiss with prejudice.

Newcastle Lawsuit

The Company announced that on November 7, 2008, the shareholder derivative action that was being pursued by Newcastle Partners, L.P. ("Newcastle") and Arklow Master Fund, Ltd. ("Arklow") was voluntarily dismissed without prejudice.

As previously announced the suit pending before the Superior Court of New Jersey, Chancery Division, Burlington County and captioned as Newcastle Partners, L.P. v. Koninklijke Philips Electronics N.V, et al., Docket No. BUR-C-083-08, was originally filed on June 30, 2008, by Newcastle, a shareholder affiliated with one of MedQuist's directors. The action was brought, derivatively on Med
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SOURCE MedQuist Inc.
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