Stockholders v InSPIRE Insurance Solutions, Inc.
InSPIRE Settles Shareholder Claims for Just Under 5 Million Dollars
InSPIRE Insurance Solutions and plaintiffs in three class actions against it have reached a consolidated settlement for 4.8 Million dollars. Under the terms of the settlement, InSPIRE will create an interest bearing 4.8 million dollar fund from which settlements will be disbursed to class action plaintiffs.
The action is brought on behalf of persons who purchased or acquired InSPIRE common stock between January 28, 1998 and October 14, 1999, and involves claims that InSPire 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 settlement will not become final until it has been reviewed and approved by the court at a fairness hearing scheduled for Match 9, 2005. Class members who want to participate in the settlement have until April 7, 2005 to file a proof of claim form. Proof of claim forms are available on the settlement site.
