Novartis Cancer Unit To Pay $8M To Settle Securities Row

Law360, Los Angeles (February 11, 2014, 9:29 PM EST) -- Novartis AG subsidiary Genoptix Inc. will pay nearly $8 million to end a putative securities class action alleging the company misrepresented customer demand for diagnostic cancer testing and didn't disclose factors dragging down demand, according to a settlement stipulation filed Tuesday in California federal court.

Lead plaintiff City of Ann Arbor Employees’ Retirement System and Genoptix asked the court to preliminarily approve the settlement, which would provide $7.7 million plus interest to class members who bought Genoptix stock between July 2009 and June 2010.

“Absent the...
To view the full article, register now.