Vonage (VG) Higher After Settling IPO Litigation
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Shares of Vonage Holdings (NYSE: VG) are moving higher after the company announced it has reached an agreement in principle to settle litigation against the Company brought on behalf of a class of shareholders relating to the Company's initial public offering.
The settlement includes a release and dismissal of all stockholder claims against the Company and its individual directors and officers who were named as defendants. It is still subject to final documentation and Court approval. The settlement will be funded by Vonage's liability insurance under the Company's D & O policy. As a result, the Company will incur no additional litigation settlement costs other than nominal administrative fees and expenses.
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