CONSHOHOCKEN, Pa.--(BUSINESS WIRE)--Dec. 15, 2011--
CardioNet, Inc. (NASDAQ: BEAT), a leading wireless medical technology
company with a current focus on the diagnosis and monitoring of cardiac
arrhythmias, today announced that it has reached a preliminary agreement
to settle the West Palm Beach Police Pension Fund putative class action
litigation that was previously disclosed in the Company’s public
filings. The preliminary agreement must be documented and is subject to
certain conditions, including court approval of a final settlement
agreement. The parties intend to file a stipulation of settlement and
joint motion for preliminary approval promptly. Under the terms of the
preliminary agreement, in consideration for the settlement and release
of all defendants, the amount of $7.25 million will be paid by or on
behalf of the defendants (of which management expects approximately $6
million will be covered by insurance).
Joe Capper, President and Chief Executive Officer, stated “We are
pleased to have reached a preliminary agreement to settle this matter
and view it as a positive result for the Company. The settlement, once
approved by the Superior Court, will eliminate uncertainties and
expenses associated with this litigation. With the removal of this
unnecessary drain on resources, the Company is better positioned to
implement its previously announced strategic initiatives.”
About CardioNet
CardioNet is a leading provider of ambulatory, continuous, real-time
outpatient management solutions for monitoring relevant and timely
clinical information regarding an individual’s health. CardioNet’s
initial efforts are focused on the diagnosis and monitoring of cardiac
arrhythmias, or heart rhythm disorders, with a solution that it markets
as Mobile Cardiac Outpatient TelemetryTM (MCOTTM).
More information can be found at http://www.cardionet.com.
Forward-Looking Statements
This document includes certain forward-looking statements within the
meaning of the "Safe Harbor" provisions of the Private Securities
Litigation Reform Act of 1995 regarding, among other things, our growth
prospects, the prospects for our products and our confidence in the
Company's future. These statements may be identified by words such as
"expect," "may," "anticipate," "possible," "estimate," "potential,"
"intend," "plan," "believe," "forecast," "promises" and other words and
terms of similar meaning. Such forward-looking statements are based on
current expectations and involve inherent risks and uncertainties,
including important factors that could delay, divert, or change any of
them, and could cause actual outcomes and results to differ materially
from current expectations. These factors include, among other things,
the finalization of the settlement agreement as described above, the
effect of the Biotel acquisition on our business operations and
financial results, effectiveness of our efforts to address operational
initiatives, including cost savings initiatives that affect our
business, changes to insurance coverage, relationships with our
government and commercial payors and reimbursement levels for our
products, the success of our sales and marketing initiatives, our
ability to attract and retain talented executive management and sales
personnel, our ability to identify acquisition candidates, acquire them
on attractive terms and integrate their operations into our business,
the commercialization of new products, market factors, internal research
and development initiatives, partnered research and development
initiatives, competitive product development, changes in governmental
regulations and legislation, the continued consolidation of payors,
acceptance of our new products and services and patent protection,
adverse regulatory action and litigation success. For further details
and a discussion of these and other risks and uncertainties, please see
our public filings with the Securities and Exchange Commission,
including our latest periodic reports on Form 10-K and 10-Q. We
undertake no obligation to publicly update any forward-looking
statement, whether as a result of new information, future events, or
otherwise.
Source: CardioNet, Inc.
CardioNet, Inc.
Heather C. Getz, 800-908-7103
Investor
Relations
investorrelations@cardionet.com
