HELSINKI, Finland, June 19, 2003 (PRIMEZONE) -- Proha Plc's subsidiary Artemis International Solutions Corporation (AISC) has signed an agreement for the settlement and release of all claims against AISC in the class action complaint filed against Opus360 Corporation in April 2001. The AISC's insurer will cover substantially all of the USD 550,000 in total settlement costs. The settlement is subject to approval by the United States District Court for the Southern District of New York.
In Proha's prior view the complaint is without ground and it has no financial significance for the Proha Group. The claim is disclosed in the Notes to the Financial Statements of Proha for 2002 under Contingent Liabilities.
In 2001 Proha acquired Opus360 Corporation at the time listed on Nasdaq and the company was consolidated with Proha's subsidiary Artemis. The class action lawsuit was filed against Opus360 Corporation in connection with its initial public offering in 2000.
This information was brought to you by Waymaker http://www.waymaker.net
The following files are available for download:
http://www.waymaker.net/bitonline/2003/06/19/20030619BIT00490/wkr0001.doc
http://www.waymaker.net/bitonline/2003/06/19/20030619BIT00490/wkr0002.pdf