Friday, September 11, 2009
Cbeyond Announces Preliminary Settlement in Securities Class Action Lawsuit
ATLANTA, Sep 11, 2009 (BUSINESS WIRE) -- Cbeyond, Inc. (NASDAQ: CBEY) announced today that the parties have filed
papers seeking preliminary approval of the settlement of the previously
disclosed securities class action lawsuit filed in the United States
District Court for the Northern District of Georgia. Although defendants
continue to deny plaintiffs' allegations, the Company believes it is in
the best interests of its stockholders to focus its attention on its
business and put the matter behind it. The settlement is subject to
approval by the Court, and the settlement amount of $2.3 million will be
paid by the Company's D&O insurance coverage, with no impact to
Cbeyond's financial statements.
About Cbeyond
Cbeyond, Inc. (NASDAQ: CBEY) is a leading provider of IT and
communications services to more than 46,000 small businesses throughout
the United States. Recently named as the sixth fastest growing
technology company by Forbes magazine, and added to Standard &
Poor's Small Cap S&P 600 Index, Cbeyond offers more than 30
productivity-enhancing applications including local and long-distance
voice, broadband Internet, mobile, BlackBerry(R), broadband laptop
access, voicemail, email, web hosting, fax-to-email, data backup,
file-sharing and virtual private networking. Cbeyond delivers these
services over a 100 percent private all IP network. For more information
on Cbeyond, visit www.cbeyond.net.
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SOURCE: Cbeyond, Inc.
Cbeyond, Inc.
Kurt Abkemeier, 678-370-2887
Vice President, Finance and Treasurer
Kurt.abkemeier@cbeyond.net
Copyright Business Wire 2009
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