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| 2001 News and Press Releases |
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SETTLEMENT ARCHIVED:
Critical Path Settles Lawsuits, Secures $95m Funding
ComputerWire. November 12, 2001
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Excerpt: Critical Path Inc last week announced that it has settled a number of shareholder lawsuits and has secured additional funding to "accelerate its ability to capitalize on growth opportunities." The company, without admitting liability, will hand over $17.5m in cash and 850,000 share purchase warrants, priced at $10.00, to class-action plaintiffs in securities lawsuits in California. The payouts are covered by insurance, the company said. The lawsuits stemmed from accounting irregularities in the company's financial reporting last year, which also caused a major management shakeout and a Securities and Exchange Commission investigation earlier this year.
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