said today it settled a federal shareholder lawsuit, which was originally filed in April 1999, for $30 million.
The settlement requires judicial approval. The settlement resolves the claims of people who purchased the company's stock between Jan. 20, 1998, and April 6, 1999. The suit stemmed from the company's accounting treatment of in-process research and development that was created in connection with acquisitions by Network Associates in 1998 and previous years.
The settlement will be funded primarily by the company's insurance carriers and doesn't affect the shareholder lawsuits that were filed in December 2000 and January 2001.
Networks Associates, which is based in Santa Clara, Calif., supplies security software and products. The company's shares gained 6 cents, or 1%, or $6.63 in recent