PRP Breached Duty To Verex Shareholders: Jury

Law360, New York (July 25, 2008, 12:00 AM EDT) -- A jury in a Colorado state court has found that drug company PR Pharmaceuticals Inc. and some of its officers breached their fiduciary duty to shareholders of Verex Laboratories Inc. when it acquired a majority of Verex in 2000, and has awarded damages that plaintiffs' lawyers say will likely exceed $2 million.

PR Pharmaceuticals co-founder Steve Howe, however, said that the plaintiffs' counsel's estimate of the final damages "significantly exaggerates" the likely final damages.

The verdict, handed down Wednesday afternoon, affects about 1,185 Verex shareholders that...
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