Virgin Galactic Receives Final Approval by the Court to Settle Derivative Claims With No Findings of Wrongdoing

The U.S. District Court for the Eastern District of New York granted final approval to settle pending shareholder derivative actions against Virgin Galactic with no findings of wrongdoing. As part of the resolution, the company's insurers will pay $2.75 million, with half retained by Virgin Galactic and the remainder covering plaintiffs' counsel fees. All claims related to the litigation have been fully released, closing the matter captioned In re Virgin Galactic Holdings, Inc.

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