Columbia, Maryland, April 7, 2008 - Martek Biosciences Corporation announced today that the United States District Court for the District of Maryland has entered a Final Judgment and Order of Dismissal approving the settlement of the consolidated class action brought on behalf of certain purchasers of Martek common stock. That class action was brought under the federal securities laws and arose out of allegations, among other things, of violations of Section 10(b) and 20(a) of the Securities Exchange Act of 1934.
As previously noted in the Company's press release of December 10, 2007, the settlement of the class action calls for a cash payment of $6 million into a settlement fund, all of which has been paid by the Company's insurer. Under the terms of the Final Judgment and Order of Dismissal, that settlement fund will be distributed to class members and all claims against the Company and its past and present officers and directors named as defendants have now been dismissed.
Martek Biosciences Corporation is a leader in the innovation and development of DHA omega-3 products that promote health and wellness through every stage of life. The company produces life'sDHA, a sustainable and vegetarian source of the omega-3 fatty acid DHA (docosahexaenoic acid), for use in foods, beverages, infant formula, and supplements. The company also produces life'sARA(TM) (arachidonic acid), an omega-6 fatty acid, from a sustainable, vegetarian source, for use in infant formula.