SAN FRANCISCO (Thomson Financial) - Warner Chilcott Ltd. said late Tuesday
it will pay $16.5 million as part of an agreement to settle a securities class
action lawsuit pending in the U.S. District Court for the Southern District of
New York.
Plaintiffs in the suit alleged damage as a result of acquiring Warner
Chilcott stock in connection with its initial public offering in September of
2006, the company said.
The cash payment is expected to be made in the second or third quarter of
2008, and the majority of the settlement will be funded by insurance proceeds.
The payment will not have a material financial impact on the company, Warner
Chilcott said. The settlement will not contain any admission of wrongdoing.
Shares of Warner Chilcott, a pharmaceutical company, closed at $17.59.
Gabriel Madway
gm
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