Kitov Pharmaceuticals Hldgs L Sponsored ADR (KTOV)

[EM]

Kitov announces settlement!
https://globenewswire.com/news-release/2018/07/30/1543818/0/en/Kitov-Announces-Settlement-of-Shareholder-Class-Action-Litigation.html


All paid by insurers! Great job!

“The proposed settlement contains no admission of wrongdoing, and reiterates that Kitov has always maintained, and continues to believe, that it did not engage in any wrongdoing or otherwise commit any violation of federal or state securities laws or other laws, including, vigorous denials that the Company’s public statements were misleading; that it failed to disclose any material information from investors; or that it acted in any deceitful manner. Kitov has agreed to the proposed settlement on the basis of the advice and recommendations of its insurance carriers who are indemnifying Kitov for the expenses of conducting a defense in the Actions, as well as paying judgments which may be assessed as a result of the Actions. As such, Kitov believes that further litigation of the Actions would be protracted, burdensome, and expensive for Kitov as well as its insurers, and that it is desirable and beneficial that the claims asserted in the Actions be fully and finally settled and terminated in the manner of the proposed settlement, with no additional costs to Kitov”.