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 Orbital Sciences Corporation, Dulles, has reached
an agreement with the counsel for the plaintiff class to settle
all outstanding securities class-action litigation claims related
to the company's prior-year financial restatements. The
settlement, which requires no cash payment by Orbital and is
subject to final documentation and Court approval, provides for
US$11 million to be paid to the shareholder class by the company's
insurance carrier, National Union Fire Insurance Company. In
addition, Orbital has agreed to issue approximately 2 million
shares of common stock at a 10% discount to the market price at
the time the settlement is finally approved by the Court. The
warrants are designed to have a total value of US$11.5 million.
Orbital anticipates that final approval of the settlement will
occur before year end.
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