CardioNet, Inc. Reaches Preliminary Agreement on Shareholders Litigation
12/15/2011 12:38:29 PM
CONSHOHOCKEN, Pa.--(BUSINESS WIRE)--CardioNet, Inc. (NASDAQ: BEAT), a leading wireless medical technology company with a current focus on the diagnosis and monitoring of cardiac arrhythmias, today announced that it has reached a preliminary agreement to settle the West Palm Beach Police Pension Fund putative class action litigation that was previously disclosed in the Company’s public filings. The preliminary agreement must be documented and is subject to certain conditions, including court approval of a final settlement agreement. The parties intend to file a stipulation of settlement and joint motion for preliminary approval promptly. Under the terms of the preliminary agreement, in consideration for the settlement and release of all defendants, the amount of $7.25 million will be paid by or on behalf of the defendants (of which management expects approximately $6 million will be covered by insurance).
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