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Inverness Medical Innovations, Inc.
Arbitration Panel Issues Ruling in Distribution Dispute
August 17th, 2008
Inverness Medical Innovations, Inc. (AMEX:IMA), a leading provider of rapid diagnostic products and health management services, announced that it received today a decision from an arbitration tribunal. That decision, directed at Inverness' Binax subsidiary, awards Binax's distributor in Spain and Portugal approximately $13.8 million, including interest and arbitration related expenses. While Inverness is reviewing the decision and will evaluate its next steps, the terms of the distribution agreement provide limited remedies to Inverness related to the tribunal's decision. Inverness will record an after tax charge of approximately $8.6 million or $0.10 per diluted share...
Source: Pharma Investments, Ventures & Law Weekly (2008-08-17)
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