- Purchased, in the open market, 1.5 million shares of the Company’s common stock for $19.8 million, reducing the total shares outstanding by 8% to 17.4 million. This was completed under an October 2010 Board-authorized repurchase program as amended in March 2012. There is approximately $10.2 million of remaining capacity for future repurchases in the current authorization.
- During October, entered into a settlement with its insurers related to the reimbursement of legal and other related fees in connection with the Zein Obagi litigation. The settlement was for $14.0 million and the Company’s portion was $8.4 million as the matter was handled on a contingency-fee basis. The $8.4 million benefit will be recorded during the fourth quarter within the operating expense section of the income statement.
- Amended its bylaws to adopt a majority vote requirement in the uncontested election of directors, consistent with other recent company adoptions and ISS data.
Obagi Medical Products Reports Third Quarter 2012 Earnings; Company Provides Update To Key Initiatives
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