|  | | 2007 News and Press Releases | | |
SETTLEMENT NEWS:
Priceline.com Settles Class Action Lawsuit From 2000
Michael Baron - MarketWatch
Thomson Financial News. May 4, 2007
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Priceline.com (PCLN) Friday said its agreed to settle securities class action litigation filed against it in 2000, paying a total of $80 million in return for a release of all claims. The company said its insurance carriers will fund $30 million of the settlement. Priceline.com expects to record charge of about $55 million in the first quarter from the settlement and related legal expenses. Priceline.com also it now sees pro forma earnings of 43 cents a share for the first quarter. Its previous projection was for a pro forma profit of 22 to 28 cents a share for the period. The company sees a GAAP (generally accepted accounting principles) loss of 44 cents a share in the first quarter. For the year, Priceline.com now sees pro forma earnings of $2.90 to $3.10 a share. The stock closed Thursday at $57.50, up 1.8%. |
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