PharmaNet Development Group, Inc.

Newark, NJ: (Aug-03-07) A shareholder securities class action lawsuit was brought against PharmaNet Development Group, Inc. The suit was filed in 2005 and reached a settlement, when the company agreed to pay the class members $28.5 million in restitution. The company will record an $8.9 million charge associated with the settlement and other related litigation in the second quarter ended June 30, 2007. The company may elect to pay the class up to $4.0 million in stock. Though PharmaNet Development Group agreed to the settlement, it did not admit to any wrongdoing or liability by any of its current and former directors, officers, and employees named in the lawsuit. [DBUSINESS NEWS: PHARMANET SECURITIES]

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