Ligand agreement settles securities class action lawsuit for $12.15 million

By Lisa Kerner

Charlotte, N.C., June 29 - Ligand Pharmaceuticals Inc. said it has reached an agreement to settle the securities class action litigation filed in the U.S. District Court for the Southern District of California against the company and certain directors and officers.

In exchange for a release of all claims, Ligand will pay a total of $12.15 million in cash through its insurance carrier. Legal fees will be paid by the company.

In addition, the company has agreed to adopt certain corporate governance enhancements. The company, its current and former directors and officers did not make any admission of liability or wrongdoing.

"Although Ligand believes these suits are without merit, the company is pleased to put the uncertainty, expense, and management time drain of the class action and derivative litigation behind it and believes that the decision to settle is in the best interests of its shareholders," president and chief executive officer David E. Robinson said in a company news release.

San Diego-based Ligand discovers, develops and markets new drugs to treat cancer, pain, skin diseases, men's and women's hormone-related diseases, osteoporosis, metabolic disorders, and cardiovascular and inflammatory diseases.

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