Printer Friendly

Summary Notice of Proposed Settlement of Shareholder Derivative Action and Hearing In Re: Quovadx, Inc. Derivative Litigation.

GREENWOOD VILLAGE, Colo. -- The following statement is being issued by Quovadx, Inc. (Nasdaq: QVDX):
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
COPYRIGHT 2006 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2006, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

 
Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Geographic Code:1USA
Date:Sep 16, 2006
Words:317
Previous Article:Cascade Bank Announces Plans for New Branch in Shoreline, Washington.
Next Article:Mentor Directors Re-Elected and All Proposals Passed at Annual Shareholders' Meeting, Quarterly Dividend Declared.
Topics:


Related Articles
Mercator Announces Agreement to Settle Stockholder Litigation.
Schubert & Reed Announces Summary Notice Of Proposed Settlement Of Shareholder Derivative Action And Hearing Thereon.
Tenet Reaches Agreement to Settle Securities Class-Action Lawsuits and Derivative Litigation.
Metromedia International Group Inc. Announces Update on the Fuqua Industries, Inc. Shareholder Litigation.
Summary Notice Of Proposed Settlement Of Shareholder Derivative Action And Hearing Announced by WebAccess International, Inc. and Fulbright &...
The Law Firm of Chimicles & Tikellis LLP Announce a Proposed Class Action Settlement.
Quovadx Announces Settlement of Class Action and Derivative Shareholder Lawsuits.
The Weiser Law Firm, P.C. Announces Settlement of Hypercom Derivative Litigation.
Quovadx Announces Settlement of Legacy Shareholder Lawsuit.
Gainey & McKenna Announces: Notice of Partial Settlement of Shareholder Derivative Action.

Terms of use | Privacy policy | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters