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Case ID: 4541 | Stocks | 11/18/2005
Stericycle, Inc., the leading provider in North America of medical waste management and compliance services for the healthcare community, announced today that it has entered into a preliminary settlement to resolve a pending class action lawsuit by the minority shareholders of Stericycle's publicly traded majority-owned subsidiary, 3CI Complete Compliance Corporation, and by 3CI. The settlement remains subject to court approval.
Under the terms of the preliminary settlement, Stericycle will pay a total of $32.5 million. After deducting the plaintiffs' attorneys' fees, in an amount to be approved by the court, the balance of the settlement amount will be paid to members of the plaintiff class to settle all lawsuit claims and alleged damages and will include the purchase or cancellation of all shares of 3CI stock held by the class. The stock purchase will allow 3CI to become a wholly-owned subsidiary of Stericycle. Stericycle anticipates taking a one-time charge in the fourth quarter of 2005 for settlement and legal expenses. A portion of the $32.5 million will be booked towards the stock purchase when the settlement is finalized. Stericycle does not anticipate that this event will result in any changes to its preliminary 2006 guidance previously given in its conference call of October 25, 2005. Stericycle and the individual defendants do not admit any liability under the terms of the settlement, and continue to maintain their position that they acted at all times in the best interests of 3CI and its shareholders. The settlement provides for the dismissal with prejudice of litigation filed in state court in Caddo Parish, Louisiana in July 2002, and litigation pending in state court in Harris County, Texas. 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 semiconductor manufacturer Silicon Image, Inc. (Nasdaq:SIMGE) and certain of its officers and directors by stockholders who purchased the company's common stock between April 15, 2002, and November 15, 2003. 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. Several class actions have been filed against specialty chemical manufacturer Ferro Corporation (NYSE:FOE) and certain of its officers and directors by stockholders who purchased the company's common stock between October 28, 2003, and July 22, 2004. 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. Several class actions have been filed against analytical software provider SPSS, Inc. (Nasdaq:SPSSE) and certain of its officers and directors by stockholders who purchased the company's common stock between May 2, 2001, and March 30, 2004. 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. According to a law firm press release, plaintiffs filed suit against Franklin Bank and the Company's CEO and CFO during the Class Period. The parties have reached a tentative $6.25 million settlement in several consolidated class actions filed against Berkshire Realty Company, Inc., (formerly NYSE:BRI) and certain of its officers and directors by stockholders who purchased the company's common stock between June 21, 1999, and October 15, 1999. The actions claim that the defendants violated federal securities laws by breaching their fiduciary duties when they engineered a going-private, cash-out merger transaction in 1996 and 1997. The court-order notice of settlement does not specify a claims deadline -- persons eligible to take part in the settlement should contact attorneys for the class as soon as possible. The court has certified the class in a class action filed against the Morgan Stanley Dean Witter Prime Income Trust Fund (Nasdaq: XPITX) by stockholders who purchased shares of the trust between November 1, 1998, and April 26, 2001. |
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