Hospira To Pay $60M To Settle Shareholder Class Action
Law360, New York (March 28, 2014, 7:52 PM EDT) -- Global pharmaceutical company Hospira Inc. agreed to pay $60 million on Thursday to settle a class action lawsuit accusing it of violating securities laws by providing misleading positive statements that artificially inflated share prices despite problems at the company's manufacturing plant.
The lead plaintiffs in the class action moved for court approval of the settlement in Illinois federal court Thursday after coming to an agreement with Hospira following negotiations before a mediator. The agreement could put an end to the litigation that has been ongoing since 2011.
"The settlement is the result of well-informed and extensive arm's-length negotiations between and among highly experienced...
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