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Vertro, Inc. Announces Dismissal of Securities Class Action Lawsuit

^{Published on 2009-12-22 04:00:13 - Market Wire}
 

NEW YORK, NY--(Marketwire - December 22, 2009) - Vertro, Inc. (NASDAQ: [ VTRO ]) today announced that the United States District Court for the Middle District of Florida granted Vertro's motion for summary judgment and entered judgment in favor of the defendants in the consolidated shareholder securities class action, titled In Re MIVA, Inc. Securities Litigation, which had been filed against Vertro and certain of Vertro's former officers and directors.

The Court ruled that plaintiffs could not prevail on their claims of alleged violations of Section 10(b) of the Securities Exchange Act of 1934 (the "Act") against Vertro and the individual defendants and on their claims that the individual defendants also violated Section 20(a) of the Act as "control persons" of Vertro. Vertro had previously disclosed in its Form 10-Q for the quarter ended September 30, 2009, that the Magistrate Judge issued a report recommending Vertro's motion for summary judgment be granted. Plaintiffs have filed a notice of their intention to appeal this decision to the Eleventh Circuit Court of Appeals.

[ www.vertro.com ]

About Vertro, Inc.

Vertro, Inc. (NASDAQ: [ VTRO ]) is a software and technology company that owns and operates the ALOT product portfolio. ALOT's products are designed to 'Make the Internet Easy' by enhancing the way consumers engage with content online. Through ALOT, Internet users can discover best-of-the-web third party content and display that content through customizable toolbar, homepage and desktop products. ALOT has millions of live users across its product portfolio. Together these users conduct high-volumes of type-in search queries, which are monetized through third-party search and content agreements.

Source: VTRO-G

Forward-looking Statements

This press release contains certain forward-looking statements that are based upon current expectations and involve certain risks and uncertainties within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words or expressions such as "anticipate," "plan," "will," "intend," "believe" or "expect'" or variations of such words and similar expressions are intended to identify such forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including (1) our ability to successfully execute upon our corporate strategies, (2) our ability to develop and successfully market new products and services, and (3) the potential acceptance of new products in the market. Additional key risks are described in Vertro's reports filed with the U.S. Securities and Exchange Commission, including the Form 10-Q for Q3 2009.