February 12 2008
Yokneam, Israel: (Feb-11-08) A securities class action was brought against Lumenis Ltd., naming several of its former officers and directors as defendants. Sources close to the case stated that in a recent development, company officials announced that it has reached a proposed settlement, aimed at resolving litigation against the company. As part of the settlement agreement, Lumenis and the lead plaintiffs agreed to a total of $20.1 million payout that would be contributed to a settlement fund for the benefit of the class. While Lumenis itself would contribute a portion of this fund, the major portion would be paid on behalf of the defendants by the company's insurers. The suit, filed in federal court in New York since 2002, will be terminated following shareholders approval of the settlement. Sources said that if the settlement is finally approved by the court, the class action litigation will be dismissed with prejudice against Lumenis and the former Lumenis officers and directors.
[YAHOO: LUMENIS SHAREHOLDERS]
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