Warner Chilcott Settles Securities Case For $16.5M

Law360, New York (April 30, 2008, 12:00 AM EDT) -- Warner Chilcott Ltd. will pay $16.5 million to settle a securities class action alleging it deliberately failed to disclose that it had pulled one of its top-earning drugs from shelves amid a federal antitrust investigation just days before its initial public offering.

The settlement, announced Tuesday, is still subject to court approval and negotiation of definitive documentation.

If it becomes final, all charges would be dropped against the specialty pharmaceutical company, Chief Executive Officer Roger Boissonneault, Chief Financial Officer Paul Herendeen and the underwriters of the...
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