Terremark Worldwide Announces Hearing Date for Settlement of Litigation Regarding Acquisition by Verizon
23 April 2011 - 7:54AM
Business Wire
Terremark Worldwide, Inc., a subsidiary of Verizon
Communications Inc., today announced that the Delaware Court of
Chancery will hold a hearing on June 21 to consider the proposed
settlement of litigation brought in connection with Verizon’s
acquisition of Terremark.
In accordance with an April 8 scheduling order issued by the
court, notice of the settlement, which was announced in February,
will be mailed to all members of the settlement class, namely those
persons and entities that held Terremark common stock at any point
between and including October 1, 2010, and April 11, 2011.
There can be no assurance that the court will approve the
settlement. If it is not approved, Terremark, Verizon and the other
defendants intend to defend vigorously against the claims. All of
the defendants continue to deny all allegations of wrongdoing,
fault or liability made in the litigation and have entered into the
settlement solely to avoid the substantial burden, expense,
inconvenience and distraction of continued litigation, and to
resolve the claims against them fully and finally.
Additional information about the litigation and the settlement,
including the Stipulation and Agreement of Compromise and
Settlement, dated April 2, 2011, and a copy of the notice that is
being mailed to Terremark stockholders, can be found in Terremark’s
filings with the Securities and Exchange Commission, which are
available at no charge on the SEC’s website at www.sec.gov, or by
contacting Terremark’s Investor Relations at 305-961-3109 or
hblankenbaker@terremark.com.
About Terremark Worldwide, Inc.
Terremark Worldwide, Inc., a subsidiary of Verizon
Communications Inc., is a leading global provider of IT
infrastructure services delivered on the industry’s most robust and
advanced technology platform. Leveraging data centers in the United
States, Europe and Latin America with access to massive and diverse
network connectivity, Terremark delivers government and enterprise
customers a comprehensive suite of managed solutions including
managed hosting, colocation, disaster recovery, security, data
storage and cloud computing services. Terremark’s Enterprise Cloud
computing architecture delivers the agility, scale and economic
benefits of cloud computing to mission-critical enterprise and Web
2.0 applications and its DigitalOps® service platform combines
end-to-end systems management workflow with a comprehensive
customer portal. More information about Terremark Worldwide can be
found at http://www.terremark.com.
Statements contained in this press release may constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Terremark's actual
results may differ materially from those set forth in the
forward-looking statements due to a number of risks, including
uncertainties inherent in government contracting, its ability to
cross-sell across an acquired customer base, ability to increase
revenue yields within facilities, ability to refinance existing
debt, uncertainties and other factors, as discussed in Terremark's
filings with the SEC. These factors include, without limitation,
Terremark's ability to obtain funding for its business plans,
uncertainty in the demand for Terremark's services or products,
Terremark's ability to manage its growth, and the successful
integration of operations of acquired companies. Terremark does not
assume any obligation to update these forward-looking
statements.
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