Accesspoint Victorious in Court Proceeding in Shareholder Derivative Action!Business Editors LOS ANGELES--(BUSINESS WIRE)--Aug. 4, 2003 Accesspoint Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ASAP (chat) asap - As soon as possible. ) announced today that on July 25, 2003, Judge Choate of the Orange County Superior Court ruled in favor of Accesspoint's motion to stay proceedings in the Bentley v. Barber, et al., shareholder derivative action A lawsuit brought by a shareholder of a corporation on its behalf to enforce or defend a legal right or claim, which the corporation has failed to do. A derivative action, more popularly known as a Stockholder's Derivative Suit, is derived from the primary right of the , pending ruling on the motion for summary judgment motion for summary judgment n. a written request for a judgment in the moving party's favor before a lawsuit goes to trial and based on recorded (testimony outside court) affidavits (or declarations under penalty of perjury), depositions, admissions of fact, answers to dismiss the same matter. This allows the company to proceed with all possible speed towards the successful dismissal of the Bentley v. Barber, et al., shareholder derivative action based on the report of the Special Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Committee of the Board of Directors prepared and submitted to the court previously. The stay in the proceedings will save the company an estimated $300,000 in immediate litigation expense that would have been spent during the discovery and trial preparation phase of the case. Forward-Looking Statements This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that certain statements in this release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 and involve known and unknown risks, uncertainties and other factors. Such uncertainties and risks include, among others, certain risks associated with the operation of the company described above. The Company's actual results could differ materially from expected results. |
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