Video-compression provider On2 Technologies, to be acquired by Go...
Video-compression provider On2 Technologies, to be acquired by Google, said it reached a settlement with plaintiffs in state-court lawsuits over claims related to the acquisition. The complaints -- four in Delaware and one in New York -- accused On2…
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board members of having breached their fiduciary duties in connection with negotiating and accepting the agreement and by making “materially misleading disclosures” about negotiations and terms in the initial preliminary proxy statement, said an 8-K filed by On2 with the SEC. The complaints said Google “aided and abetted” the deception. They sought unspecified damages plus declaratory and injunctive relief against the acquisition. In a memorandum of understanding with the plaintiffs, On2 agreed to give “additional supplemental disclosures” in the proxy statement that will be mailed to On2 stockholders ahead of a special meeting to vote on the acquisition, the company said. The settlement requires the approval of the judges in the cases.