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Ulta Announces Preliminary Settlement in Securities Class Action Lawsuit |
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Written by BusinessWire
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Sunday, 07 June 2009 |
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Romeoville, Illinois - Ulta Salon, Cosmetics & Fragrance, Inc. (NASDAQ:ULTA), today announced that it had reached a preliminary settlement in its class action lawsuit. The Company previously disclosed that a securities class action lawsuit was filed on December 17, 2007 in the United States District Court for the Northern District of Illinois, in which the Company and its CEO and CFO were named as defendants.
On May 29, 2009, the Company and its primary insurance carrier engaged in a mediation with counsel representing the putative class. Although defendants continue to deny plaintiffs' allegations, in the interest of putting this matter behind it, the Company and its insurer have reached a tentative settlement with plaintiffs, subject to agreement on comprehensive settlement documentation and approval by the Court. All amounts to be paid under the tentative settlement will be paid out of proceeds of the Company's D&O insurance coverage.
About Ulta: Ulta is the largest beauty retailer that provides one-stop shopping for prestige, mass and salon products and salon services in the United States. Ulta provides affordable indulgence to its customers by combining the product breadth, value and convenience of a beauty superstore with the distinctive environment and experience of a specialty retailer. Ulta offers a unique combination of over 21,000 prestige and mass beauty products across the categories of cosmetics, fragrance, haircare, skincare, bath and body products and salon styling tools, as well as salon haircare products. Ulta also offers a full-service salon in all of its stores. The Company currently operates 320 retail stores across 36 states and also distributes its products through the Company’s website: www.ulta.com. |
