Luminex Corporation Settles Legal Dispute
April 29 2009 - 10:44AM
Business Wire
Luminex Corporation (NASDAQ:LMNX) today announced that it has
settled the pending litigation with The Research Foundation for the
State University of New York and the Board of Trustees of the
University of Illinois (�Plaintiffs�). As part of the settlement,
the Plaintiffs received a�one time�cash payment of $4.35�million
with no admission of fault. The cash payment was made by Luminex in
exchange for resolution of the dispute between the�parties and a
complete release of all claims by the Plaintiffs against
Luminex,�and, correspondingly a complete release of all claims by
Luminex against�the Plaintiffs. The entire effect of the settlement
payment will be reflected as a non-recurring item�in the first
quarter financial results scheduled to be released on May 7, 2009.
All other terms of the agreement are confidential. The parties
intend to formally dismiss the lawsuit, as required by the
Settlement Agreement.
About Luminex Corporation
Luminex Corporation develops, manufactures and markets
proprietary biological testing technologies with applications
throughout the diagnostic and life sciences industries. The
Company's xMAP� multiplex solutions include an open-architecture,
multi-analyte technology platform that delivers fast, accurate and
cost-effective bioassay results to markets as diverse as
pharmaceutical drug discovery, clinical diagnostics and biomedical
research, including the genomics and proteomics research markets.
The Company's xMAP technology is sold worldwide and is already in
use in leading clinical laboratories as well as major
pharmaceutical, diagnostic and biotechnology companies. Further
information on Luminex Corporation or xMAP technology can be
obtained at www.luminexcorp.com.
Statements made in this release that express Luminex's or
management's intentions, plans, beliefs, expectations or
predictions of future events are forward-looking statements. The
words "believe," "expect," "intend," "estimate," "anticipate,"
"will," "could," "should" and similar expressions are intended to
further identify such forward-looking statements for purposes of
the Private Securities Litigation Reform Act of 1995. It is
important to note that the Company's actual results or performance
could differ materially from those anticipated or projected in such
forward-looking statements. Factors that could cause Luminex's
actual results or performance to differ materially include risks
and uncertainties relating to, among others, market demand and
acceptance of Luminex's products, the Company's dependence on
strategic partners for development, commercialization and
distribution of products, concentration of the Company's revenue in
a limited number of strategic partners, fluctuations in quarterly
results due to a lengthy and unpredictable sales cycle and bulk
purchases of consumables, Luminex's ability to scale manufacturing
operations and manage operating expenses, gross margins and
inventory levels, potential shortages of components, competition,
the timing of regulatory approvals, the implementation, including
any modification, of the Company's strategic operating plans, risks
and uncertainties associated with implementing our acquisition
strategy and the ability to integrate acquired companies or
selected assets into our consolidated business operations, as well
as the risks discussed under the heading "Risk Factors" in
Luminex's Reports on Forms 10-K and 10-Q, as filed with the
Securities and Exchange Commission. The forward-looking statements
contained herein represent the judgment of Luminex as of the date
of this press release, and Luminex expressly disclaims any intent,
obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements to reflect any change
in Luminex's expectations with regard thereto or any change in
events, conditions or circumstances on which any such statements
are based.
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