HealthTronics (HTRN) Issues Agreement to Settle Class Action Lawsuits
HealthTronics, Inc. (Nasdaq: HTRN) today announced that the Company, the members of the Board of Directors of the Company, Endo Pharmaceuticals Holdings Inc. (Nasdaq: ENDP), and HT Acquisition Corp. (collectively referred to as the "defendants") entered into an agreement with the parties to the purported shareholder class action lawsuits filed against the defendants in connection with the previously-announced business combination between the Company and Endo Pharmaceuticals. The terms of the agreement provide for a release and settlement by the purported class of Company shareholders of all claims against the defendants in relation to the previously-announced business combination, that the Company would provide additional disclosures in its previously-filed Schedule 14D-9, and that the defendants would not oppose plaintiffs' counsel's application to the court for fees and expenses in an amount not to exceed $292,500. The settlement is conditioned on further definitive documentation, court approval, dismissal of the actions with prejudice, satisfactory confirmatory discovery by plaintiffs' counsel, and completion of the tender offer and merger. If any of the conditions are not met, the defendants will continue to vigorously defend against these lawsuits. The Company believes that the lawsuits are without merit and that it and the other defendants have valid defenses against all the claims, but has agreed to settle the lawsuits in an effort to minimize the cost and expense of litigating these lawsuits.
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