PharmaNet was formerly known as SFBC International Inc.

Under the settlement agreement, the class will be paid $28.5 million, of which $24.5 million will be in cash and $4 million may be either in cash or in stock, at the election of the company. The settlement requires contributions from a number of different defendants, and specifically requires certain of the company's former directors, officers and employees to make a personal contribution towards the settlement of the class' claims.

"We are pleased to have reached a settlement of this securities class action on terms that provide a significant benefit to the class, while permitting the company and its new management to focus on the future. We believe that the personal contribution portion of this settlement sends a clear message that shareholders will insist that the directors, officers and employees of publicly traded companies live up to their responsibilities to act as vigilant guardians for the interests of the shareholders they represent," said Paul Doane, director of ATRS.