Shareholder Merger

Columbia, MD: (Oct-16-07) Former shareholders of OmegaTech brought charges against Martek Biosciences Corp., over Martek's 2002 purchase of OmegaTech. Records show that Martek, a developer of health and wellness food and supplements, acquired OmegaTech in April 2002. The suit, filed against it, addresses shareholders concerns related to certain milestones tied to the acquisition. As part of a settlement reached, Martek stated that it will issue 341,061 shares of common stock to former OmegaTech shareholders. Sources state that would be about half of the number of shares that would have been issued for the achievement of regulatory milestones under the 2002 merger agreement. The estimated cost of the settlement is said to be $10.2 million. [FORBES: SHAREHOLDER MERGER]

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Published on Oct-17-07