Court Grants Settlement Agreement in InfoSpace Stockholder Derivative Case
InfoSpace, Inc. (NASDAQ: INSP) today announced that the King County Superior Court has granted approval of the settlement agreement described in, and attached to, the Current Report on Form 8-K filed by the Company on September 17, 2010, for the stockholder derivative lawsuit brought by Anne D. Manos and James N. Mercer against certain current and former officers and directors of InfoSpace.
If there are no appeals of this approval, InfoSpace will receive payment of the settlement proceeds, minus certain attorneys' fees and expense reimbursements, pursuant to the terms of the settlement agreement. However, if the Court's approval is appealed, then funding will not occur during the pendency of the appeal.
There can be no assurance that the final settlement will be obtained or that InfoSpace will receive any proceeds from the settlement until after the appeal deadline has expired without an appeal, or until all appeals, if any, are favorably concluded.
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