In re L&H: Dexia adds to settlement amount
L&H’s former main commercial bank Dexia Bank Belgium and its parent Dexia SA (Euronext: DEXB, DX; formerly known as Artesia Banking Corp.), have settled the securities class action brought against them, in a case relating to In re Lernout & Hauspie Speech Products Securities Litigation. (Dexia press release) Their $60 million takes the total settlement amount to $180.52 million plus interest.
Plaintiffs’ Lead Counsel: Berman DeValerio Pease Tabacco Burt & Pucillo, Shalov Stone Bonner & Rocco LLP
The L&H Securities Litigation website has been updated and now includes the Dexia notice and claim form. (Also see the memorandum and order denying Dexia’s motion to dismiss the third amended complaint.) The Court will hold a hearing on 22 June 2007 to decide whether to approve the settlement and the deadline for submission of the claim form is 21 August 2007 - for other dates, please see the notice.
Note however that only NASDAQ purchasers are included in the class to which this settlement applies. The litigation on behalf of Easdaq purchasers continues (see previous post).