SAN FRANCISCO — Shareholders who cried foul in the wake of Pacific Biosciences' initial public offering can move forward with a settlement struck in state court despite objections from their counterparts in federal court, U.S. District Chief Judge Claudia Wilken ruled Tuesday.
Both sides agree that a $7.5 million settlement that earned preliminary approval from a San Mateo County judge in June would snuff out all class claims against Pacific Biosciences of California – including those filed under the Securities Exchange Act, which can only be advanced in federal court. That led lawyers for Thomas Primo and Evan Powell, the federal suit's lead plaintiffs, to ask Wilken earlier this month to enjoin the settlement struck in the San Mateo case, In Re Pacific Biosciences of Cal., 11-509210.
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