Align says court grants preliminary approval over derivative litigation

Align Technology announced that the U.S. District Court for the Northern District of California has granted preliminary approval of a settlement to resolve shareholder derivative litigation that has been pending since 2019. Under the terms of the settlement, plaintiffs will dismiss the lawsuits and release their claims. Align and the defendants deny any wrongdoing and are not making any monetary payments, other than a potential award of $575,000 in attorney’s fees to plaintiffs’ counsel, covered by insurance. A notice approved by the court regarding the settlement is attached.