On2 Technologies Reports Proposed Settlement in Litigation Involving Proposed Merger With Google
Clifton Park, NY -- October 26, 2009 -- On2 Technologies, Inc. (NYSE Amex: ONT) today reported a proposed settlement, subject to court approval, to resolve litigation involving five purported class action complaints, four filed in the Court of Chancery of the State of Delaware, which have been consolidated into a single action (the "Delaware Action"), and another filed in the Supreme Court of the State of New York, County of Queens (the "New York Action") that were brought in connection with the proposed acquisition of On2 by Google (the "merger").
As more fully described in a Form 8-K being filed today by On2 and as disclosed in the registration statement on Form S-4, as amended (the "Registration Statement"), which Google intends to file with the Securities and Exchange Commission (the "SEC") on or about October 26, 2009, On2 and the On2 board of directors and the plaintiffs to each of the Delaware Action and the New York Action entered into a memorandum of understanding ("MOU") on October 23, 2009 contemplating the settlement of all claims in each of the Delaware Action and the New York Action. Under the MOU, the plaintiffs, on behalf of themselves and the putative class of plaintiffs, agreed to settle all the aforementioned litigation and release the named defendants in the actions (including Google, which is not participating in the settlement) and their affiliates from, among other things, claims related to the merger. Pursuant to the terms of the MOU, On2 agreed to provide additional supplemental disclosures that are reflected in the proxy statement/prospectus, which forms a part of the Registration Statement. The settlement is contingent upon, among other things, further definitive documentation, approval of the settlement and the dismissal with prejudice of the actions by, respectively, the Delaware Court of Chancery and the Supreme Court of the State of New York.
Although On2, the On2 directors and Google believe that the Delaware Action and the New York Action are entirely without merit and that they have valid defenses to all claims, On2 and the On2 directors have entered into the MOU in order to minimize the costs associated with this litigation. On2 and the On2 directors said that the proposed settlement is not in any way an admission of any wrongdoing or liability in connection with plaintiffs' allegations and maintain that the On2 directors diligently and scrupulously complied with their fiduciary and other legal duties.
About On2 Technologies, Inc.
On2 creates advanced video compression technologies that power the video in today's leading desktop and mobile applications and devices. On2 customers include Adobe, Skype, Nokia, Infineon, Sun Microsystems, Mediatek, Sony, Brightcove, and Move Networks. On2 Technologies is headquartered in Clifton Park, NY USA. For more information, visit www.on2.com or www.on2.cn.
|
On2 Technologies Inc. Hot IP
Related News
- On2 Technologies Provides Update On Its Proposed Merger With Google
- On2 and Google Announce Exchange Ratio for On2 Merger
- On2 Announces Early Termination of HSR Waiting Period in Connection with Proposed Acquisition of On2 by Google
- Qualcomm, NXP Discuss Merger, Say Reports
- IDT and PLX Technology Announce Termination of Proposed Transaction and IDT Withdraws Exchange Offer for PLX Technology Shares
Breaking News
- Logic Design Solutions launches Gen4 NVMe host IP
- ULYSS1, Microcontroller (MCU) for Automotive market, designed by Cortus is available
- M31 is partnering with Taiwan Cooperative Bank to launch an Employee Stock Ownership Trust to strengthen talent retention
- Sondrel announces CEO transition to lead next phase of growth
- JEDEC Publishes LPDDR5 CAMM2 Connector Performance Standard
Most Popular
- Arm's power play will backfire
- Alphawave Semi Selected for AI Innovation Research Grant from UK Government's Advanced Research + Invention Agency
- Secure-IC obtains the first worldwide CAVP Certification of Post-Quantum Cryptography algorithms, tested by SERMA Safety & Security
- Weebit Nano continuing to make progress with potential customers and qualifying its technology Moving closer to finalisation of licensing agreements Q1 FY25 Quarterly Activities Report
- PUFsecurity Collaborate with Arm on PSA Certified RoT Component Level 3 Certification for its Crypto Coprocessor to Provide Robust Security Subsystem Essential for the AIoT era
E-mail This Article | Printer-Friendly Page |