The Immune Response Corporation (OTC: IMNR) announced today that the company has reached an agreement to settle the consolidated federal securities class action pending against the company in the United States District Court for the Southern District of California as well as the related derivative lawsuit pending in the Superior Court of San Diego County.
The settlement in the class action is valued at approximately $9.6 million, and will be paid entirely by the company's insurers.
The derivative complaint, which was filed nearly four years after the securities complaints, will be settled for $250,000, and will also be funded entirely by the company's insurers.
Michael Baghdoian and Scott Carroll are lead plaintiffs and Weiss & Lurie (as successor to Weiss & Yourman) and Lerach Coughlin Stoia Geller Rudman & Robbins LLP (as successor to Milberg Weiss Bershad Hynes & Lerach, LLP) are lead counsel in the Immune Response litigation.
A copy of the amended consolidated complaint in the securities class action is available from Stanford, here.
Daily Trivia: Immune Response was co-founded in 1986 by Dr. Jonas Salk, inventor of the polio vaccine.