Infospace (INSP) disclosed in an SEC filing on Friday that the company will get $26.65 million in cash and other considerations under an agreement to settle all claims under a shareholder derivative suit that had been brought against certain current and former officer and directors.
The company said the payment will be in the form of “cash, forgone contractual obligations of InfoSpace, and surrendered securities,” with the net value to be reduced by “certain fees and expenses for attorneys and others retained by InfoSpace, a Special Litigation Committee of its Board of Directors, plaintiffs, and defendants.” The total fees will “a material percentage of the gross amount received,” the company said.
InfoSpace also said it has agreed “to undertake certain specified corporate governance reforms and to avoid, in connection with any future special stockholder dividends, certain actions that were the subject of the derivative action.”
ISNP is up 59 cents, or 8%, to $7.99.
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