Sequenom Announces Settlement Agreement In Shareholder Class Action Lawsuit

Sequenom, Inc. (Nasdaq: SQNM), announced today the entry of a settlement agreement which will resolve the consolidated securities class action lawsuits, In re Sequenom, Inc. Securities Litigation, Master File No: 3:09-cv-00921-LAB-WMC. The defendants have agreed to pay $14 million, which will be funded by insurance proceeds. Additionally the company has agreed to issue to the plaintiffs’ class a number of shares of Sequenom common stock. These shares shall constitute 9.95% of the total shares then outstanding, subject to certain limitations. The company has also agreed to adopt or continue its implementation of changes and additions to certain corporate governance policies, protocols and practices. The terms of the settlement are subject to approval by the United States District Court.

Source: Sequenom