Australia: Sigma pays $57m to end class action

Sigma Pharmaceuticals has agreed to pay $57.5 million to end a shareholder class action over its disclosure during the financial crisis.

Analysts were mixed on the news, describing it as ”clearly a disappointment” for Sigma, a buying opportunity and ”consistent with a pragmatic management approach and desire to ‘move on.”’ The settlement brings to an end a two-year battle against law firm Slater & Gordon, which represented 280 retail shareholders, super funds and banks that had purchased Sigma shares between September 7, 2009, and February 25, 2010.

via Sigma pays $57m to end class action — Business Day