Software Co.'s Class Action Settlement Approved

Law360, New York (March 1, 2007, 12:00 AM EST) -- A U.S. district court judge has approved a $9 million settlement between Quovadx Inc. and a class of shareholders that accused the software company of issuing misleading financial statements to complete a $71 million acquisition.

Senior District Judge Richard P. Matsch issued a final judgment on the settlement Monday which dismissed with prejudice all claims alleged in the action against Quovadx and former executives.

The class of shareholders, who acquired Quovadx stock between Oct. 22, 2003 and March 14, 2004, accused the company of artificially inflating...
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