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Sharper Image shares tumble after ruling

Fri Oct 12, 2007 12:16pm EDT

NEW YORK, Oct 12 (Reuters) - Shares of Sharper Image Corp SHRP.O tumbled more than 18 percent on Friday, a day after the company was denied federal court approval for a settlement in a class-action lawsuit related to its Ionic Breeze air purifiers. "The proposed settlement was the result of substantial negotiation with the plaintiffs and provided fair terms for all parties," the gadget retailer said in a statement following Thursday's ruling.

"Ionic Breeze is safe to use, meets all applicable governmental standards and had years of positive feedback from our customers."

The stock was off 18.4 percent, or 61 cents, to $2.70 a share in afternoon trading on the Nasdaq Composite Index.

(Reporting by Justin Grant)

((Editing by Mark Porter; Reuters Messaging:Justin.Grant.reuters.com.reuters.net; 646-223-6194)) Keywords: SHARPERIMAGE SHARES/

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