King Pharmaceuticals Reaches $38M Settlement

Law360, New York (August 7, 2006, 12:00 AM EDT) -- Hoping to bring an end to a securities class action suit, drug company King Pharmaceuticals Inc. reached a $38.25 million settlement deal on Friday.

The settlement is subject to court approval.

The company stated that it believes the amount will be paid by its insurance carriers. It also said that the agreement does not address other previously disclosed lawsuits that are part of a U.S. Securities and Exchange Commission investigation.

The suit, filed on the behalf of persons who acquired King Pharmaceuticals stock between Feb. 16,...
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