Sigma settles class action
October 24, 2012
$57.5 million payout in Sigma legal case.
Sigma Pharmaceuticals has just announced a massive $57.5 million settlement in relation to the class action which was launched by Slater and Gordon two years ago.
The case, which recently saw pharmacist shareholders urged to participate, related to an allegation that the company did not disclose material information to the market during a capital raising exercise.
In an ASX announcement just released, Sigma confirmed it had agreed to pay $57.5; million "which covers the claim, interest, litigation costs and applicants' legal fees".
If not more than 50% of the class action participants oppose the deal, the court action against the company will be dismissed without admission of liability by Sigma.
Sigma said it would record the payment in its 2012/13 full year results.
"This decision will not impact ongoing investment in the business to support Sigma's growth strategy," the company said.
More information in tomorrow's Pharmacy Daily.
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