Summary Notice of Proposed Settlement of Shareholder Derivative Action and Hearing In Re: Quovadx, Inc. Derivative Litigation.
RE: QUOVADX, INC. DERIVATIVE LITIGATION SUMMARY NOTICE OF PROPOSED SETTLEMENT OF SHAREHOLDER DERIVATIVE ACTION AND HEARING THIS NOTICE MAY AFFECT YOUR RIGHTS, PLEASE READ CAREFULLY TO: ALL CURRENT HOLDERS OF QUOVADX, INC. COMMON STOCK
YOU ARE HEREBY NOTIFIED, pursuant to Order of the District Court, Arapahoe County, Colorado (the "Court"), dated August 28, 2006, that a hearing will be held on November 21, 2006, at 1:30 p.m. before the Honorable Cheryl L. Post, in Division 301, Arapahoe County District Court, 7325 S. Potomac St., Englewood, CO 80112, for the purpose of determining: (1) whether to approve the proposed Settlement of certain derivative actions brought on behalf of Quovadx against certain Quovadx present and former directors and officers; and (2) to consider plaintiffs' counsel's application for an award of attorneys' fees and reimbursement of expenses.
The proposed Settlement, which is subject to Court approval, consists of (a) the payment by directors and officers' insurance carriers of a sum of $2,875,000.00 in cash and interest into a fund for the settlement of class action litigation for the benefit of Quovadx and (b) the adoption of certain corporate governance measures and procedures.
You may obtain a copy of the detailed Notice of Proposed Settlement of Shareholders' Derivative Action and Hearing Thereon, by viewing the web page posted at http://www.quovadx.com/investors/governance/.
If you have any questions, please do not contact the Court or the Clerk's office; instead, please write to the following plaintiffs' counsel:
Juden Justice Reed, Esquire SCHUBERT & REED LLP Three Embarcadero Center, Suite 1650 San Francisco, CA 94111 (415) 788-4220 Marc M. Umeda, Esquire ROBBINS UMEDA & FINK, LLP 610 W. Ash St., Suite 1800, San Diego, CA 9210 (619) 525-3990 Nadeem Faruqi, Esquire FARUQI & FARUQI, LLP 320 East 39th St. New York, NY 10016 (212) 983-9330
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|Date:||Sep 16, 2006|
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