Corvas announces settlement of shareholder suit.SAN DIEGO--(BUSINESS WIRE)--Feb. 27, 1995--Corvas International Inc. (NASDAQ/NMS:CVAS CVAS Controlled Vehicle Access System CVAS Configuration Verification Accounting System (NASA) ) today announced that it has entered into an agreement in principle to settle a lawsuit brought against Corvas, several of its directors and Centocor Inc. by a plaintiff on behalf of a shareholder class who asserted that the defendants violated federal securities law by failing to disclose certain information relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc Corvas' business activities with Centocor under the parties' strategic alliance. Corvas has denied all claims of wrongdoing wrong·do·er n. One who does wrong, especially morally or ethically. wrong  do and maintains this denial as part of the settlement agreement. Corvas believes that the settlement is prudent and in the best interests of Corvas, and that to continue 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. would have exposed Corvas to further legal expense, risk, uncertainties and unproductive use of management time. The agreement provides that Corvas will contribute $200,000 in cash and 125,000 newly-issued shares of Corvas common stock as its portion of the settlement. Corvas will record a $535,000 charge to earnings in the fourth quarter ended Dec. 31, 1994, to reflect the settlement. Corvas' insurer and Centocor will contribute additional, undisclosed amounts. Corvas International Inc., located in San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. , is a biopharmaceutical company engaged in the design and development of a new generation of therapeutic agents for the prevention and treatment of major cardiovascular and inflammatory diseases Noun 1. inflammatory disease - a disease characterized by inflammation disease - an impairment of health or a condition of abnormal functioning NEC, necrotizing enterocolitis - an acute inflammatory disease occurring in the intestines of premature infants; . CONTACT: Corvas International Inc. John E. Crawford or Angela L. Hartley, 619/455-9800 |
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