Biocraft Securities Litigation Settled.JERUSALEM, Israel--(BUSINESS WIRE)--Sept. 12, 1997--Teva Pharmaceutical Industries Ltd. (Nasdaq:TEVIY) announced today that a settlement has been reached in the U.S. securities law class action that has been pending against Biocraft Laboratories, Inc. and certain of its officers and directors since 1993. The settlement amount is immaterial to Teva and was fully provided for in 1996 at the time of the acquisition of Biocraft by Teva. Therefore, it will have no effect on Teva's results of operations. The settlement fund amounts to $4,500,000, a substantial portion of which was covered by insurance. In settling the litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , Biocraft and the individual defendants expressly denied any liability, and the settlement specifically provides that it is not to be deemed evidence of or an admission on the part of the defendants of any fault or liability, but that the settlement is being entered into to avoid further expense and to dispose of To determine the fate of; to exercise the power of control over; to fix the condition, application, employment, etc. of; to direct or assign for a use. See also: Dispose this protracted pro·tract tr.v. pro·tract·ed, pro·tract·ing, pro·tracts 1. To draw out or lengthen in time; prolong: disputants who needlessly protracted the negotiations. 2. litigation. The settlement is subject to the approval of the United States District Court for the District of New Jersey The United States District Court for the District of New Jersey is the Federal district court whose jurisdiction is the state of New Jersey. It was established in 1789. New Jersey is the largest state by population to only have one District Court. The Honorable Garrett E. . Teva Pharmaceutical Industries Teva Pharmaceutical Industries Ltd. (Hebrew: טבע תעשיות פרמצבטיות בע"מ), NASDAQ: TEVA is an international pharmaceutical company headquartered in Ltd., is Israel's largest pharmaceutical company, with three quarters of its sales outside Israel, mainly in the United States. The Company develops, manufactures and markets branded and generic human pharmaceutical chemicals, medical disposable and veterinary products. CONTACT: Dan Suesskind Chief Financial Officer (011) 9722-5-892-840 or Investor Relations Investor relations The process by which the corporation communicates with its investors. : Donna N. Stein Press: Richard Dukas Morgen-Walke Associates (212) 850-5600 |
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