Drug Firm Reaches Agreement: Newport Pharmaceuticals International...
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Drug Firm Reaches Agreement: Newport Pharmaceuticals International Inc. said it has negotiated a new settlement of shareholder lawsuits accusing the company of having misledinvestors about the prospects for a drug as a treatment for AIDS-related symptoms. Earlier this month, the Laguna Hills company, which has switched its focus from AIDS drug researchto its pharmaceutical mail-order business, disclosed that it had been forced to withdrawanother settlement plan because of opposition by company bondholders. The company saidthe revised settlement will not require bondholder approval because unlike the previous proposal, the amount to be paid is less than $2 million.
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