Court Gives Final Approval to Settlement of Critical Path Shareholder Class Actions.Business Editors SAN FRANCISCO--(BUSINESS WIRE)--June 19, 2002 Critical Path, Inc. (Nasdaq:CPTH), a global leader in Internet communications, today announced that the U.S. District Court for the Northern District of California has given final approval to the settlement of the shareholder class actions filed against the company in early 2001, and settled in November 2001. The class action lawsuits class action lawsuit A lawsuit in which one party or a limited number of parties sue on behalf of a larger group to which the parties belong. For example, investors may bring a class action lawsuit against a brokerage firm that has actively promoted a tax related to financial restatements for the third and fourth quarters of 2000. As previously announced, the settlement provides for a payment of $17.5 million in cash -- which will be covered by the Company's liability insurance -- and the issuance by Critical Path of warrants to purchase 850,000 shares of Critical Path common stock at an exercise price of $10.00 per share. "We are pleased that the Court has given the settlement its approval, and we are excited to continue to build upon Critical Path's momentum in the marketplace," said Critical Path Chief Executive Officer William McGlashan, Jr., who restored the company to financial stability last year and refocused Critical Path's business with a new management team. About Critical Path, Inc. Critical Path, Inc. (Nasdaq:CPTH) delivers software and services that maximize the value of Internet communications. The company provides messaging and collaboration solutions -- from wireless, secure and unified messaging Having access to e-mail, voice mail and faxes via a common computer application or by telephone. For example, unified messaging may send faxes and digitized voice mail to a mail server that turns them into e-mail attachments. to basic email and personal information management -- as well as identity management solutions that simplify user profile management and strengthen information security. The standards-based Critical Path Communications Platform, built to perform reliably at the scale of public networks, delivers the industry's lowest total cost of ownership for messaging solutions and lays a solid foundation for next-generation communications services. Critical Path's customers include more than 700 enterprises, 190 carriers and service providers, eight national postal authorities A postal authority organises collection and delivery of domestic mail (US), or post (UK), within its area of control, or in the case of foreign mail, delivery to or receipt of mail from other postal authorities. Payment for the service has been performed in many ways. and 35 government agencies. Critical Path is headquartered in San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden with offices throughout North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , Europe, Asia and Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. . More information on Critical Path can be found at www.cp.net. Forward Looking Statements This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , including the Company's statements regarding the market for our products and services, our belief as to our ability to successfully emerge from the restructuring and refocusing Noun 1. refocusing - focusing again focalisation, focalization, focusing - the act of bringing into focus of our operations, our recent results and future performance. The words "anticipate," "expect," "intend," "plan," "believe," "seek," and "estimate" and similar expressions are intended to identify forward-looking statements. Forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially. Factors that might cause future results to differ materially from those projected in the forward-looking statements include, but are not limited to, the risks and uncertainties as described in more detail in the Critical Path's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended December 31, 2001, and the quarterly report on Form 10-Q Form 10-Q See 10-Q. for the quarter ended March 30, 2002, both as may be amended from time to time, and all subsequent filings with the U.S. Securities and Exchange Commission (www.sec.gov). Note to Editors: Critical Path and the Critical Path logo are the trademarks of Critical Path, Inc. All other trademarks are the property of their holders. |
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