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Genentech Settles Stockholder Suits: The South San...

From Times Staff and Wire Reports

Genentech Settles Stockholder Suits: The South San Francisco genetic engineering company said it paid $29 million to settle all class-action suits brought against it in 1988. The suits alleged that company actions artificially inflated the stock price. Genentech, which made no admission of guilt, said the settlement would be covered by insurance and a reserve fund and would not materially affect fourth-quarter earnings.


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