PharmaNet Agrees To $28.5M Securities Settlement

Law360, New York (August 2, 2007, 12:00 AM EDT) -- Drug development services company PharmaNet Development Group Inc.—formerly known as SFBC International Inc.—has agreed to settle consolidated shareholder derivative litigation that related allegations of rampant nepotism, unethical clinical testing practices and unsafe conditions at the company's flagship testing facility.

Under the settlement, the plaintiffs will get $28.5 million, $24.5 million of which will be in cash. The remaining $4 million will come in the form of either cash or stock, at the election of the PharmaNet, which admits no liability. The agreement is subject to court...
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