FOR IMMEDIATE RELEASE: February 11, 2008
Labaton Sucharow LLP Settles Stock Options Backdating Class Action Against HCC Insurance Holdings, Inc. ("HCC") for $10 Million NEW YORK (February 11, 2008) - Labaton Sucharow LLP, as lead counsel in the securities class action titled
In re HCC Insurance Holdings, Inc. Securities Litigation, No. 4:07-cv-801 (S.D. Tex.), announced today that they have reached a settlement agreement in principle on behalf of Lead Plaintiffs, Bristol County Retirement System and Plymouth County Retirement System, and other class members, for $10 million. The settlement is subject to formal documentation and Court approval.
In this litigation, plaintiffs alleged that certain of HCC's current and former officers and directors improperly backdated the Company's stock option grants and made materially false and misleading statements to the public concerning the Company's financial results and option grant policies and accounting, causing damages to investors.
Labaton Sucharow LLP is one of the country's premier national law firms that represents institutional and individual investors in class action, complex securities and corporate governance litigation. Labaton Sucharow has been appointed as lead or co-lead counsel for the class in more than 25 percent of all securities fraud class actions alleging options backdating, including litigations against Mercury Interactive Corp., American Tower Corp., and Monster Worldwide, Inc.
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Stacey Szluka
Labaton Sucharow LLP
(212) 907-0664
sszluka@labaton.com
