DS Healthcare Updates Shareholders on Settlement of PhotoMedex Lawsuit
POMPANO BEACH, FL, June 26, 2017 (Newswire.com) - DS Healthcare Group (OTC PINK: DSKX) today announced that it has entered into an agreement, effective June 23, 2017, to settle the lawsuit filed in May 2016 by PhotoMedex, Inc., Radiancy, Inc. and PhotoMedex Technology, Inc. (collectively, "PhotoMedex") in the United States District Court for the Southern District of New York. PhotoMedex alleged in the lawsuit that DS Healthcare breached certain terms of two merger agreements between DS Healthcare and Photomedex. DS Healthcare asserted counterclaims for breach of contract against PhotoMedex. Both DS Healthcare and PhotoMedex denied liability for the claims asserted against them. DS Healthcare entered into this settlement to eliminate the uncertainties, distraction, and expense of further litigation. The Company is confident that this is another major step to concentrate its focus on its core business of developing and delivering its products to the marketplace.
About DS Healthcare Group:
DS Healthcare Group Inc. is a leader in the development of biotechnology for topical therapies. It markets through online channels, specialty retailers, distributors, and pharmacies. Its research has led to a highly innovative portfolio of personal care products and additional innovations in pharmaceutical projects. For more information on DS Health Group's flagship brand, visit www.dslaboratories.com.
Forward-Looking Statements:
Except for statements of historical fact, the matters discussed in this press release are forward-looking and made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies, and are generally preceded by words such as "future," "plan" or "planned," "expects," or "projected." These forward-looking statements reflect numerous assumptions and involve a variety of risks and uncertainties, many of which are beyond the company's control that may cause actual results to differ materially from stated expectations. These risk factors include, among others, limited operating history, difficulty in developing and marketing products, intense competition, and additional risks factors as discussed in reports filed by the company with the Securities and Exchange Commission, which are available at http://www.sec.gov.
Source: DS Healthcare Group