Video firm settles lawsuits clearing way for Google buy

Oct 26, 2009
A sign is displayed outside of the Google headquarters in 2008 in Mountain View, California. Video software firm On2 Technologies Inc. announced on Monday that it had settled five pending lawsuits, potentially clearing the way for its takeover by Internet giant Google.

Video software firm On2 Technologies Inc. announced on Monday that it had settled five pending lawsuits, potentially clearing the way for its takeover by Internet giant Google.

The Clifton Park, New York-based On2, which specializes in video compression technology used by companies such as Adobe, , Nokia and others, did not disclose the terms of the settlement, which still needs court approval.

The lawsuits were filed by shareholders unhappy with the 106.5-million-dollar purchase price for On2 offered by Google.

The shareholders believed the offer undervalued the company.

On2, in a statement, said it had agreed to the settlement "to minimize the costs associated with this litigation" although it believed the claims were "entirely without merit."

(c) 2009 AFP

Explore further: Two more former Sony workers sue over data breach

add to favorites email to friend print save as pdf

Related Stories

Burst.com files counterclaim against Apple

Apr 18, 2006

Burst.com Inc. announced it has filed a counterclaim alleging that Apple's iTunes Music Store, iTunes software, iPods, and Apple QuickTime applications has infringed on four of Burst's 10 U.S. patents.

Recommended for you

Two more former Sony workers sue over data breach

12 hours ago

Two more former employees of Sony Pictures Entertainment are suing the company over the massive data breach in which their personal and financial information was stolen and posted online.

Constantly changing online prices stump shoppers

14 hours ago

Online shopping has become as volatile as stock market trading. Wild, minute-by-minute price swings on everything from clothes to TVs have made it difficult for holiday shoppers to "buy low."

'Interview' ordeal at Sony just its latest crisis

17 hours ago

How do you say "damage control" in Japanese? Sony Corp. is sealed within a hermetic cone of silence as executives try to prevent the slow motion train wreck at Sony Pictures from damaging the rest of the ...

User comments : 0

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.