Fritz Announces Intent to Defend FedEx Lawsuit on Merits.Business & Transportation Editors SAN FRANCISCO--(BUSINESS WIRE)--Feb. 9, 2001 On Monday, February 5, 2001, FedEx Corporation and Federal Express Corporation, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of FedEx Corporation (collectively, "FedEx") filed a complaint and request for injunctive relief injunctive relief n. a court-ordered act or prohibition against an act or condition which has been requested, and sometimes granted, in a petition to the court for an injunction. in the Shelby County Tennessee State Court against Fritz Companies, Inc. ("Fritz Companies," Nasdaq:FRTZ). The complaint alleges that in the course of negotiating the pending transaction with United Parcel Service United Parcel Service, Inc. (NYSE: UPS), commonly referred to as UPS, is the world's largest package delivery company, delivering more than 15 million packages[1] a day to 6.1 million customers in over 200 countries and territories around the world. , Inc. ("UPS"), Fritz Companies breached its obligations not to disclose confidential information and trade secrets under a mutual non-disclosure agreement pertaining to FedEx's proposed acquisition of certain assets of Fritz Companies and a customs brokerage service agreement among FedEx and Fritz Companies, and seeks unspecified damages and injunctive relief. On the day the complaint was filed, FedEx sought and obtained from the Court, without prior notice to Fritz Companies, a temporary restraining order temporary restraining order: see injunction. prohibiting Fritz Companies from disclosing FedEx confidential information, or otherwise breaching certain provisions of the mutual non-disclosure agreement or customs brokerage service agreement. Fritz Companies believes it has meritorious defenses and intends to vigorously defend the lawsuit. "SAFE HARBOR Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " STATEMENT UNDER 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: In this press release, Fritz Companies makes forward-looking statements that are subject to risks and uncertainties. These forward-looking statements include information about possible or assumed future results of the 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. described above. Also, when we use any of the words "believes", "expects", "anticipates" or similar expressions, we are making forward-looking statements. Many possible events or factors could affect the litigation described above. ADDITIONAL INFORMATION AND WHERE TO FIND IT In connection with the pending transaction, Fritz Companies and UPS will file a proxy statement/prospectus with the SEC. STOCKHOLDERS OF FRITZ COMPANIES ARE ADVISED TO READ THE PROXY STATEMENT/PROSPECTUS WHEN IT BECOMES AVAILABLE, BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION. Stockholders may obtain a free copy of the proxy statement/prospectus (when available) and other documents filed by Fritz Companies or UPS with the SEC at the SEC's web site at http://www.sec.gov. Free copies of the proxy statement/prospectus, once available, and other filings by Fritz Companies with the SEC may also be obtained by directing a request to Graeme Stewart, Fritz Investor Relations Investor relations The process by which the corporation communicates with its investors. , Telephone: (415) 538-0444. Fritz Companies and its directors and executive officers may be deemed to be participants in the solicitation of proxies in respect of the proposed merger. Information about such directors and executive officers, including information about their ownership of Fritz Companies stock, can be found in the Fritz Companies proxy statement Proxy Statement A document containing the information that a company is required by the SEC to provide to shareholders so they can make informed decisions about matters that will be brought up at an annual stockholder meeting. , dated August 18, 2000, for its 2000 annual meeting of stockholders. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion