Diagnostic Products Corporation Announces Plaintiffs in Shareholder Derivative Action Have Filed First Amended Complaint
27 July 2006 - 9:38AM
Business Wire
Diagnostic Products Corporation (NYSE:DP) announced today that
plaintiffs in their pending shareholder derivative action, Nicholas
Weil, City of Tamarac General Employees' Pension Trust Fund and
City of Tamarac Police Officers' Pension Trust Fund, have filed a
first amended complaint in the United States District Court of the
Central District of California, Case No. CV06-00066DDP. The amended
complaint challenges the proposed merger of DPC with a wholly owned
subsidiary of Siemens Medical Solutions USA, for a number of
reasons, including on the basis of fairness of price, disclosure
and conflicts of interest. The amended complaint seeks to enjoin or
rescind the proposed merger. The Company believes that the claims
are without merit and intends to vigorously defend itself in this
case. About Diagnostic Products Corporation Diagnostic Products
Corporation, founded in 1971, is a leader in the global in vitro
diagnostics market. DPC's product offering includes the widely
accepted IMMULITE(R) series of immunoassay systems, more than 75
immunoassays and an expanding menu of essential specific allergens
and allergy panels that are run just like other immunoassays. DPC
also designs and manufactures automated laboratory instrumentation
and automation solutions that provide fast, accurate results while
enabling our customers to do "more with less" in a leaner
laboratory. DPC's combined chemistry and immunoassay menu is one of
the largest and most diversified available, covering most
laboratory tests requested. In fiscal 2005 (December 31), DPC
reported sales of $481 million and income from operations of $96
million. Additional information can be found on DPC's website at
www.dpcweb.com.
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