Friday, Starent Networks Corp. (STAR), a provider of infrastructure hardware and software products and services that enable mobile operators to deliver multimedia services to their subscribers, announced that it and the other named defendants have entered into a memorandum of understanding with plaintiff's counsel in connection with a putative class action lawsuit filed in the Chancery Court for the State of Delaware in connection with the proposed acquisition of Starent Networks by Cisco Systems, Inc.
Under the terms of the memorandum, Starent Networks, the other named defendants and the plaintiff have agreed to settle the lawsuit, subject to court approval. If the court approves the settlement contemplated in the memorandum, the lawsuit will be dismissed with prejudice.
Pursuant to the terms of the memorandum, Starent Networks said it has agreed to provide additional information to stockholders through publicly available filings in order to supplement the proxy statement that has been provided to Starent Networks' stockholders in connection with the special meeting of stockholders concerning the proposed merger.
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