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Case ID: 3497 | Stocks | 08/19/2004
The parties have reached a tentative $1.25 million settlement in a class action filed against MiniMed, Inc. and certain of its officers and directors by stockholders who held the company's common stock as of July 16, 2001. Persons eligible to participate in the settlement must submit a proof of claim form postmarked no later than September 13, 2004.
This litigation grows out of the 2001 acquisition of MiniMed by Medtronic, Inc., in which all outstanding shares of MiniMed were purchased for $48 per share. Medtronic simultaneously acquired Medical Research Group, a company with related technology that was also founded by MiniMed’s founder, Mr. Al Mann, for approximately $420 million. The action alleges that the proxy statement seeking shareholder approval of MiniMed contained insufficient information regarding the value of MiniMed as compared to MRG, which was allegedly overvalued. Because MiniMed shareholders were not made aware of the value of their stock, they were allegedly undercompensated in the merger because Medtronic would have paid more for MiniMed had it paid less for MRG. Cash payments will be distributed to class members who submit valid, timely proof of claim forms as follows: To the extent there are sufficient funds in the settlement fund, authorized claimants will receive an amount equal to their claim, unless the settlement fund is not sufficient to permit payment of the total claims; if that happens, each claimant will be paid the percentage of the settlement fund that each claim bears to the total of the claims of all authorized claimants. Claims will be calculated by equally dividing the settlement fund among claimants, after all legitimate costs have been paid. Completed proof of claim forms should be mailed to: MiniMed Shareholder Litigation The settlement will not be effective until the court grants it final approval. The court has scheduled a hearing on the matter for August 10, 2004 At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Stocks Cases of Interest Several class actions have been filed against auto manufacturer DaimlerChrysler AG (NYSE:DCX) and certain of its officers and directors by foreign stockholders who purchased the securities of DaimlerChrysler AG between November 17, 1998, and November 17, 2000, including those former foreign shareholders of Chrysler Corporation who surrendered their Chrysler shares in connection with the merger of Chrysler and Daimler-Benz on November 17, 1998. The actions claim that the defendants violated federal securities laws by misrepresenting the nature of the merger as a ‘merger of equals’ to avoid paying an acquisition premium to Chrysler shareholders. A class action has been filed against Cray, Inc. (NasdaqNM:CRAY), certain of its officers and directors by stockholders who purchased the company's common stock between July 31, 2003 and May 12, 2005. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. The parties have reached a tentative settlement in a class action filed against child-resistant packaging manufacturer Kerr Group, Inc. by stockholders who purchased the company's class B cumulative convertible preferred series D stock between July 1, 1997, and December 31, 1997. Persons who wish to take part in the settlement must submit a proof of claim form postmarked no later than August 22, 2004. Kahn Gauthier Swick, LLC ("KGS"), the law firm that filed the first class action lawsuit against Optionable, Inc. ("Optionable" or the "Company") (OTC BB:OPBL.OB), notifies investors that a subsequent class action lawsuit filed by a Connecticut and New York law firm has been voluntarily dismissed. Following this untimely withdrawal, KGS remains the sole law firm actively prosecuting a securities class action lawsuit seeking to recover for losses suffered by shareholders who purchased shares of the Company in connection with its Initial Public Offering ("IPO") in or about May 9, 2005, or who purchased shares thereafter in the open market (the "Class Period"). KGS’ lawsuit is pending in the United States District Court for the Southern District of New York, Civil Action No. 07cv3753. Several class actions have been filed against software designer Siebel Systems, Inc. (Nasdaq:SEBL) and certain of its officers and directors by stockholders who purchased the company's common stock between October 1, 2001, and July 17, 2002. The actions claim that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. A class action has been filed against PXRE Group Ltd. (PXT), certain of its officers and directors by stockholders who purchased the company's common stock between July 28, 2005 and February 16, 2006 or a secondary offering on October 3, 2005. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. |
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