On2 Technologies Inc. (ONT) reported a proposed settlement, subject to court approval, to resolve litigation involving five purported class action complaints, four filed in the Court of Chancery of the State of Delaware, which have been consolidated into a single action, and another filed in the Supreme Court of the State of New York, County of Queens that were brought in connection with the proposed acquisition of On2 by Google Inc. (GOOG).
Under the memorandum of understanding, the plaintiffs agreed to settle all the aforementioned litigation and release the named defendants in the actions - including Google, which is not participating in the settlement - and their affiliates from, among other things, claims related to the merger. Pursuant to the terms of the MOU, On2 agreed to provide additional supplemental disclosures that are reflected in the proxy statement/prospectus, which forms a part of the Registration Statement.
The settlement is contingent upon, among other things, further definitive documentation, approval of the settlement and the dismissal with prejudice of the actions by, respectively, the Delaware Court of Chancery and the Supreme Court of the State of New York.
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