WASHINGTON (dpa-AFX) - Align Technology Inc. (ALGN) said that the U.S. District Court for the Northern District of California has granted preliminary approval for a settlement to resolve shareholder derivative litigation that has been ongoing since 2019.
As per the terms of the settlement, the plaintiffs will dismiss the lawsuits and release their claims. Align and the defendants deny any wrongdoing and will not make any monetary payments, except for a potential award of $575,000 in attorney's fees to the plaintiffs' counsel, which will be covered by insurance.
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