CardioNet, Inc. Reaches Preliminary Agreement on Shareholders Litigation
December 15 2011 - 9:00AM
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).
Joe Capper, President and Chief Executive Officer, stated “We
are pleased to have reached a preliminary agreement to settle this
matter and view it as a positive result for the Company. The
settlement, once approved by the Superior Court, will eliminate
uncertainties and expenses associated with this litigation. With
the removal of this unnecessary drain on resources, the Company is
better positioned to implement its previously announced strategic
initiatives.”
About CardioNet
CardioNet is a leading provider of ambulatory, continuous,
real-time outpatient management solutions for monitoring relevant
and timely clinical information regarding an individual’s health.
CardioNet’s initial efforts are focused on the diagnosis and
monitoring of cardiac arrhythmias, or heart rhythm disorders, with
a solution that it markets as Mobile Cardiac Outpatient TelemetryTM
(MCOTTM). More information can be found at
http://www.cardionet.com.
Forward-Looking Statements
This document includes certain forward-looking statements within
the meaning of the "Safe Harbor" provisions of the Private
Securities Litigation Reform Act of 1995 regarding, among other
things, our growth prospects, the prospects for our products and
our confidence in the Company's future. These statements may be
identified by words such as "expect," "may," "anticipate,"
"possible," "estimate," "potential," "intend," "plan," "believe,"
"forecast," "promises" and other words and terms of similar
meaning. Such forward-looking statements are based on current
expectations and involve inherent risks and uncertainties,
including important factors that could delay, divert, or change any
of them, and could cause actual outcomes and results to differ
materially from current expectations. These factors include, among
other things, the finalization of the settlement agreement as
described above, the effect of the Biotel acquisition on our
business operations and financial results, effectiveness of our
efforts to address operational initiatives, including cost savings
initiatives that affect our business, changes to insurance
coverage, relationships with our government and commercial payors
and reimbursement levels for our products, the success of our sales
and marketing initiatives, our ability to attract and retain
talented executive management and sales personnel, our ability to
identify acquisition candidates, acquire them on attractive terms
and integrate their operations into our business, the
commercialization of new products, market factors, internal
research and development initiatives, partnered research and
development initiatives, competitive product development, changes
in governmental regulations and legislation, the continued
consolidation of payors, acceptance of our new products and
services and patent protection, adverse regulatory action and
litigation success. For further details and a discussion of these
and other risks and uncertainties, please see our public filings
with the Securities and Exchange Commission, including our latest
periodic reports on Form 10-K and 10-Q. We undertake no obligation
to publicly update any forward-looking statement, whether as a
result of new information, future events, or otherwise.
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