ADAC Labs
This article was originally published in The Gray Sheet
Executive Summary
Company reaches agreement-in-principle to settle a consolidated class action lawsuit alleging the company issued false and misleading financial results from January 1996 to December 1998 (1"The Gray Sheet" Jan. 18, 1999, In Brief). The settlement, which is contingent upon approval by the federal court in the Northern District of California, will award the plaintiff class $20 mil. An agreement also has also been reached in related litigation brought against current and former company executives, calling for the defendants to "contribute their respective benefits under certain directors and officers insurance policies to the company." The total pre-tax cost to the company, including legal fees, amounts to $10-11 mil., and this amount will be reflected in the company's first fiscal quarter of 2000, ended Jan. 2
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ADAC Labs
Law firm of Barrack, Rodos & Bacine adds to a growing list of class action suits maintaining that the company's officers issued "false and misleading" financial results from Jan. 1996 through Dec. 1998. The suit, filed in San Francisco federal court, was sparked by ADAC's Dec. 29 announcement that financial results for 1996-98 would be restated and that the adjustments would "have a material adverse impact" on fiscal 1996 and 1997 results
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