Other items: Cancer-drug results cause firms to sue; New rules to alter financial statement; $60 million paid to settle Burst suit ...
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Boeing issued 8,100 layoff notices yesterday as part of its sale of commercial-aircraft operations in Wichita and Oklahoma to Onex, with those workers being asked to apply for their old jobs with the buyer.
The 60-day notices went to 5,200 hourly and 2,900 salaried production and service workers, said Boeing spokesman Dick Ziegler. Engineers have not yet received pink slips.
An additional 1,200 workers also received layoff notices at Boeing’s commercial-aircraft plants in Tulsa and McAlester, Okla.
The notices are part of the separation and re-employment process required as Boeing transfers assets to Toronto-based Onex. Workers were asked to sign waivers allowing release of their personnel information to be considered for new employment with Onex.
Onex is forming a separate aircraft company in Wichita, which it has temporarily named Midwestern Aircraft Systems until a more permanent name is determined, said Ziegler, who also received a layoff notice.
Cancer-drug results cause firms to sue
Three law firms said yesterday they were suing Cell Therapeutics for losses shareholders suffered after an experimental cancer drug didn’t perform as well as expected in a study.
Cell Therapeutic shares fell nearly 48 percent Monday after the Seattle company said that a combination of its experimental drug Xyotax and a conventional chemotherapy drug failed in the study to prolong lives more than a standard twin-drug combination.
The suits, which also name company Chief Executive James Bianco, seek class-action status for shareholders, alleging they suffered losses because beginning in June of last year the company misrepresented and failed to disclose adverse facts about the Xyotax study.
Company officials could not be reached for comment.
Cell Therapeutics stock fell 54 cents, or 10.9 percent, yesterday to close at $4.43.
New rules to alter financial statement
Nextel Partners said it will restate financial results from 2000 to 2004 because of new accounting rules for lease transactions.
The restatements by the Kirkland wireless-services company were prompted by new guidelines from the Securities and Exchange Commission and are expected to total less than $20 million, the company said yesterday. The changes aren’t expected to be material, Chief Financial Officer Barry Rowan said in a statement.
$60 million paid to settle Burst suit
Microsoft agreed to pay $60 million to Burst.com to settle a patent-infringement lawsuit over high-speed Internet broadcasting of sound and video.
Microsoft and Santa Rosa, Calif.-based Burst announced the settlement Thursday without disclosing financial terms.
The payment resolves the lawsuit’s claims and grants Microsoft a nonexclusive license to Burst’s patents, Microsoft and Burst said yesterday in a joint statement.
Compiled from The Associated Press, Seattle Times business staff
and Bloomberg News