Intermagnetics Abandons "Vigorous Contest"

As this blog is relatively young, it should not surprise readers that the majority of cases discussed herein are either just beginning or nearly ending as they are substantially older than this fair publication.

Thus it is with great pleasure that I note the settlement announced earlier this week by Intermagnetics General Corp. (NASDAQ: IMGC) of two class action complaints filed in the Supreme Court of the State of New York for Albany County, challenging the proposed $1.3 billion sale of Intermagnetics to Philips Holding USA Inc., a subsidiary of Koninklijke Philips Electronics N.V. (NYSE: PHG).

It was exactly one week ago that the Intermagnetics litigation was first discussed, here. In that post, we noted that:

Intermagnetics believes that these allegations are without merit and intends to contest them vigorously.

No further information about the settlement is available from the Intermagnetics website or the company's SEC filings.