Lumenis Settles Shareholder Class Action For $20M

Law360, New York (February 11, 2008, 12:00 AM EST) -- Medical device maker Lumenis Ltd. has announced a proposed $20.1 million deal to settle a long-running class action by shareholders who accused the company of making false boasts about demand for its products.

In a statement released Monday, the Israel-based company said that it had scheduled a special general meeting of its shareholders to seek approval of the settlement, which would resolve nine consolidated actions filed in 2002 in the U.S. District Court for the Southern District of New York.

Lumenis said the settlement had been...
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