Brooks Automation Inc. announced that it has reached a settlement in the securities class action filed in June 2006. The class action lawsuit was filed in relation with the company’s stock option granting practices and related accounting. Under the terms of the agreement, $7.75 million will be paid into a settlement fund, pending final approval by the court of a plan of distribution.
One spokesman of Brooks Automation said that $7.75 million will be paid by the company’s liability insurers. He also said that there will be no earnings or cash effect.
It can be added that San Francisco based Brooks Automation supplies a steady stream of production tools and factory automation products for chip makers and suppliers of chip-making. Shares of Chelmsford, Mass.-based Brooks Automation closed at $9.02.
Source: Thomson Financial News
Filed under Class Action, Securities Class Action, Settlements | Tags: Brooks Automation Inc, Liability, Securities Class Action, Settlement, Settlement Fraud, stock option | Comment Below
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Brooks Automation Inc. announced that it has reached a settlement in the securities class action filed in June 2006. The class action lawsuit was filed in relation with the company’s stock option granting practices and related accounting. Under the terms of the agreement, $7.75 million will be paid into a settlement fund, pending final approval by the court of a plan of distribution.
