MOUNT LAUREL, N.J., March 14 /PRNewswire-FirstCall/ -- MedQuist Inc.
(Pink Sheets: MEDQ.PK). On March 10, 2008, the company executed a
settlement term sheet with the individual named plaintiffs and certain
other putative class members represented by plaintiffs' counsel in the
South Broward customer class action. As previously announced, on September
9, 2004, a putative class action was filed against the company and certain
present and former officers in the U.S. District Court for the Central
District of California entitled South Broward Hospital District, d/b/a
Memorial Regional Hospital, et al. v. MedQuist Inc. et al., Case No.
CV-04-7520-TJH-VBKx). In the complaint, plaintiffs alleged that the Company
overcharged certain non-federal governmental hospitals and medical centers
for transcription services. Plaintiffs twice amended the complaint adding
and dropping named plaintiffs. On March 30, 2005, the action was
transferred to the U.S. District Court District for the District of New
Jersey and assigned Case No. 05-CV-2206-JBS- AMD. Plaintiffs filed a Third
Amended Complaint on January 4, 2006. Under the settlement term sheet, the
Company will pay $7,537,001.83 to resolve all claims by the individual
named plaintiffs and certain other putative class members represented by
plaintiffs' counsel but not named in the action. The settling parties will
release the company and all individual defendants from any and all claims
and dismiss the action in its entirety with prejudice. The settlement is
subject to formal documentation by the parties. Because the parties are not
settling on a class-wide basis, no class will be certified, and thus there
is no requirement to give notice. Neither the company, nor any of the
individual defendants, has admitted or will admit to liability or any
wrongdoing in connection with the proposed settlement.
About MedQuist:
MedQuist is the largest Medical Transcription Service Organization
(MTSO) in the world, and a leader in technology-enabled clinical
documentation workflow. MedQuist's enterprise solutions - including mobile
voice capture devices, speech recognition, Web-based workflow platforms,
and global network of medical editors - help healthcare facilities improve
patient care, increase physician satisfaction, and lower operational costs.
For more information, please visit http://www.medquist.com.
Disclosure Regarding Forward-Looking Statements:
Some of the statements in this press release constitute
"forward-looking statements" within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995. These statements are not
historical facts but rather are based on the company's current
expectations, estimates and projections regarding the company's business,
operations and other factors relating thereto. Words such as "may," "will,"
"could," "would," "should," "anticipate," "predict," "potential,"
"continue," "expects," "intends," "plans," "projects," "believes,"
"estimates" and similar expressions are used to identify these
forward-looking statements. The forward-looking statements contained in
this press release include, without limitation, statements about proposed
settlement and the dismissal of the case. These statements are only
predictions and as such are not guarantees of future performance and
involve risks, uncertainties and assumptions that are difficult to predict,
including, without limitation, the risk that the settlement agreement is
not consummated, the risk that the case is not dismissed with prejudice,
and the risk of possible future claims against the company. For a
discussion of these risks, uncertainties and assumptions, any of which
could cause our actual results to differ from those contained in the
forward-looking statement, see the section of the company's Annual Report
on Form 10-K for the year ended December 31, 2006, entitled "Risk Factors"
and discussions of potential risks and uncertainties in the MedQuist's
subsequent filings with the Securities and Exchange Commission.
SOURCE MedQuist Inc.
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Related links:
http://www.medquist.com/
CONTACT:
Kathleen Donovan, Chief Financial Officer of
MedQuist Inc., +1-856-206-4000
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