Critical Path Announces Preliminary Court Approval to Settlement of Shareholder Litigation.Business Editors/High-Tech Writers SAN FRANCISCO--(BUSINESS WIRE)--Feb. 28, 2002 Critical Path, Inc. (Nasdaq:CPTH), a global leader in Internet communications, announced today that the United States District Court for the Northern District of California The United States District Court for the Northern District of California is the Federal district court whose jurisdiction comprises following counties: Alameda, Contra Costa, Del Norte, Humboldt, Lake, Marin, Mendocino, Monterey, Napa, San Benito, San Francisco, San Mateo, Santa has granted preliminary approval to the settlement of the shareholder 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. pending against the Company and several of its former officers and directors. The Court has ordered that notice be issued to members of the class and has scheduled a hearing for May 23, 2002 to consider final approval of the settlement. This preliminary approval follows the Company's announcement last November that it had reached binding memoranda of understanding -- pending court approval -- to settle the shareholder and derivative litigation. "This preliminary court approval represents an important step in resolving the pending class action," said Senior Vice President and General Counsel Michael Zukerman. "We look forward to the final approval hearing in May." 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, 180 carriers and service providers, eight national postal authorities and 40 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 announcement contains forward-looking statements including statements relating to the proposed settlement of the class action lawsuit 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 and its impact on our financial results and our future strategic plans for our business. Actual results could differ materially from those projected in the forward-looking statements as a result of the following factors, among others: there can be no assurance that the parties in the securities class action lawsuit will be able to reach final agreement regarding the terms of the settlement agreement or that the settlement will be approved by the Court as proposed, or at all. These and other risks and uncertainties are described in more detail in 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 Dec. 31, 2000, as amended, and the quarterly report on Form 10-Q Form 10-Q See 10-Q. for the quarter and nine months ended Sept. 30, 2001, as may be amended from time to time, and all subsequent filings with the 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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