February 18, 2004

InterCept and InfoSpace Settle

Alliterative coincidence? Here are today's announced settlements:

InterCept, Inc. (Nasdaq: ICPT), an Atlanta-based technology provider for financial institutions and merchants, has announced the preliminary settlement of the securities class action pending against the company in the N.D. of Ga. The case, originally filed in 2003, alleges that InterCept made misleading statements concerning the significance of the adult entertainment portion of the company’s merchant services business and the impact of new Visa regulations. The settlement, which is subject to court approval, is for $5.3 million. InterCept will pay $3.95 million and its insurance carrier will pay $1.35 million.

InfoSpace, Inc. (Nasdaq: INSP), a Bellevue-based Internet services company, has announced the preliminary settlement of the securities class action pending against the company in the W.D. of Wash. The case, originally filed in 2001, alleges that InfoSpace made misleading statements concerning its business and prospects. The settlement, which has received preliminary approval from the court but is still subject to final approval, is for $34.3 million. The entire amount will be paid by the company's insurance carriers.

Posted by Lyle Roberts at February 18, 2004 11:11 PM | TrackBack
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