Himax Technologies, Inc. ("Himax" or "Company") (Nasdaq:HIMX) has announced that it has entered into a formal stipulation of settlement to settle a shareholder class action lawsuit pending against it and various officers and directors in the Central District of California (Los Angeles).
The lawsuit was originally filed in July 2007. It asserts various securities claims on behalf of persons who purchased the securities of Himax pursuant to, or traceable to, Himax's initial public offering in March 2006. If approved, the settlement will result in a dismissal of all claims against the Company and other defendants. In entering into the stipulation, the defendants explicitly denied any liability or wrongdoing of any kind.
The amount of the settlement is US$1.2 million, which will be paid by Himax's insurance carrier. The stipulation of settlement must be approved by the District Court, following notice to members of the settlement class. There can be no assurance that the Court will approve the settlement.
