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Article: Sonic Innovations Announces Agreement to Settle Securities Class Action.
- Article from:
- PR Newswire
- Article date:
- October 27, 2003
CopyrightCOPYRIGHT 2003 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Sonic Innovations, Inc. , a leading producer of advanced digital hearing aids, announced that it has reached an agreement in principle to settle the securities class action lawsuits that have been consolidated under the caption Lynda Steinbeck et al v. Sonic Innovations, Inc., et al., in the United States District Court for the District of Utah. The terms of the settlement call for a cash payment of seven million dollars, which will be funded by Sonic Innovations' D&O insurance. The settlement will have no impact on Sonic Innovations' financial condition. Final settlement is contingent on negotiation and execution of a formal settlement stipulation and court approvals ...