ZURICH, Oct 5 (Reuters) - Swiss hearing aid maker Sonova said on Monday it has reached an out-of-court settlement with investors represented by shareholder advocacy group Deminor related to claims stemming from the company’s March 16, 2011 profit warning.
Under the terms of the agreement, Sonova will pay investors 2.6 million Swiss francs ($2.79 million) in full settlement of all alleged claims without acknowledging any legal obligation, the company said.
Sonova had been served with summons to pay in the amount of approximately CHF 26 million by investors. The Sanction Commission of the Swiss bourse SIX had found in July that Sonova’s profit warning should have been published already on March 4, 2011.
$1 = 0.9319 Swiss francs Reporting by Andrew Thompson