Norcross, GA: (May-21-07) Immucor, Inc., a global leader in providing automated instrument-reagent systems to the blood transfusion industry, reported it had entered into an agreement to settle the previously reported class action lawsuits against the company and certain of its current and former employees consolidated as In re Immucor, Inc. Securities Litigation in the United States District Court for the Northern District of Georgia.
Under the settlement agreement, the company's insurance carrier has agreed to pay $2.5 million to the plaintiff class in consideration of an absolute and unconditional release of all claims against the company and the individual defendants. The only costs to the company are legal expenses, which have been expensed as incurred. The Court has given its preliminary approval to the terms of the settlement. The settlement is contingent upon various conditions, including but not limited to final approval by the Court after notice to the class and a hearing scheduled for September 20, 2007. It is not certain the settlement will receive final approval from the Court nor be upheld if challenged on appeal. [EARTH TIMES: IMMUCOR SECURITIES]
