Switch and Data Agrees to Settle Stockholder Class Action Lawsuits
19 Enero 2010 - 6:00PM
Business Wire
Switch and Data (NASDAQ: SDXC), a leading provider of
network-neutral data center and Internet exchange services, today
announced that it and the other defendants have entered into a
memorandum of understanding with plaintiffs' counsel to settle
three purported class action lawsuits filed regarding the proposed
merger between Switch and Data, Equinix, Inc. and Sundance
Acquisition Corporation, a wholly-owned subsidiary of Equinix.
In connection with this settlement, the three lawsuits and all
claims asserted therein would be dismissed with prejudice,
including the claims brought against Switch and Data and its
directors. Switch and Data and the other defendants deny all of the
allegations in the lawsuits and believe that the existing
disclosures regarding the proposed merger are appropriate under the
law. Nevertheless, Switch and Data and the other defendants have
agreed to settle the putative class action lawsuits in order to
eliminate the risk, burden and expense of further litigation, to
fully resolve all claims raised in the lawsuits, to permit the
merger to be consummated without the risk of injunctive relief or
delay, and to permit Switch and Data’s stockholders to receive the
consideration provided for in the merger.
Switch and Data today filed with the Securities and Exchange
Commission a Current Report on Form 8-K to announce the settlement
of the stockholder class action lawsuits and to also supplement and
amend the Proxy Statement dated December 21, 2009, as previously
supplemented on December 23, 2009. For further information, please
see the Form 8-K, which is available at www.sec.gov or on Switch and Data's
website at www.switchanddata.com.
Under the memorandum of understanding, the parties will seek
approval of the settlement in the Florida state court;
simultaneously, the parties will agree to stay the actions pending
in the Delaware Chancery Court and the United States District Court
for the Middle District of Florida. The proposed settlement is
conditional upon, among other things, the execution of an
appropriate stipulation of settlement, consummation of the merger
and final approval of the proposed settlement by the Florida state
court. The proposed settlement contemplates that plaintiffs’
counsel will apply to the Florida state court for an award of
attorneys’ fees and costs in an aggregate amount of $900,000, and
that the defendants will not oppose or undermine this application.
These attorneys’ fees and costs will not be deducted from the
merger consideration.
About Switch and Data
Switch and Data is a premier provider of network-neutral data
centers that house, power and interconnect the Internet. Leading
content companies, enterprises and communications service providers
rely on Switch and Data to connect to customers and exchange
Internet traffic. Switch and Data has built a reputation for
world-class service, delivered across the broadest collocation
footprint and richest network of interconnections in North America.
Switch and Data operates 34 sites in the U.S. and Canada, provides
one of the highest customer satisfaction scores for technical and
engineering support in the industry, and is home to PAIX® – the
world’s first commercial Internet exchange.
Important information about Switch and Data is routinely posted
to the investor relations section of the company’s website
www.switchanddata.com. For copies of all Switch and Data press
releases and SEC filings, please visit the website. To
automatically receive Switch and Data financial news by email,
please visit the website and subscribe to Email Alerts. Investors
are encouraged to check Switch and Data’s website frequently to
access the most up-to-date information.
Important Information for Investors and Stockholders
In connection with the proposed transaction involving Equinix
and Switch and Data, Equinix has filed with the SEC a registration
statement on Form S-4 containing a proxy statement/prospectus. The
proxy statement/prospectus was first mailed to stockholders of
Switch and Data on or about December 23, 2009. SWITCH AND DATA
STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND
OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY
BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED
TRANSACTION.
Switch and Data stockholders may obtain free copies of the
registration statement and the proxy statement/prospectus and other
documents filed with the SEC by Equinix and Switch and Data through
the website maintained by the SEC at www.sec.gov. In addition, Switch and Data
stockholders may obtain free copies of the registration statement
and the proxy statement/prospectus and other documents filed with
the SEC from Equinix by directing a request to Equinix, Inc., 301
Velocity Way, Fifth Floor, Foster City, CA 94404, Attention:
Investor Relations (telephone: 888-222-1162) or going to Equinix’s
corporate website at www.equinix.com, or from Switch and Data
by directing a request to Switch & Data Facilities Company,
Inc., 1715 Westshore Boulevard, Suite 650, Tampa, FL 33607,
Attention: Investor Relations (telephone: 866-797-2633) or going to
Switch and Data’s corporate website at www.switchanddata.com.
Equinix, Switch and Data and their respective directors and
executive officers may be deemed to be participants in the
solicitation of proxies in respect of the proposed transaction.
Information regarding Equinix’s directors and executive officers is
contained in its annual proxy statement filed with the SEC on April
23, 2009. Information regarding Switch and Data’s directors and
executive officers is contained in Switch and Data’s annual proxy
statement filed with the SEC on April 6, 2009. Additional
information regarding the interests of such potential participants
is included in the proxy statement/prospectus and the other
relevant documents filed with the SEC.
Switch & Data Facilities Company (MM) (NASDAQ:SDXC)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Switch & Data Facilities Company (MM) (NASDAQ:SDXC)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024