WALTHAM, Mass. - March 6, 2002 - Lionbridge Technologies, Inc. (Nasdaq: LIOX) reported today that the United States District Court for the Southern District of New York has entered an order approving the joint request of the plaintiffs and Lionbridge to dismiss without prejudice the claims against the Company and its officers and directors in the shareholder class action lawsuit filed in July 2001. The class action lawsuit asserted violations of the federal securities laws relating to how the underwriters of the Company's initial public offering allegedly allocated the Company's IPO shares to the underwriters' customers.
Lionbridge is one of only eight companies whose claims were dismissed by the Court's order. Approximately 1,000 similar class action lawsuits remain pending before the United States District Court for the Southern District of New York against approximately 300 companies.
"We are pleased that the plaintiffs agreed to dismiss their claims against Lionbridge and its officers and directors, as we have always maintained that the claims should be dropped," said Rory Cowan, CEO of Lionbridge. "Without this distraction, we can now redouble our efforts to deliver value to our customers."
The Boston law firm of Testa, Hurwitz & Thibeault, LLP represented Lionbridge and its officers and directors in the lawsuit.
About Lionbridge
Lionbridge Technologies, Inc. provides solutions for worldwide deployment of technology and content to global 2000 companies in the technology, life sciences and financial services industries. Lionbridge testing and compatibility services, globalization solutions and multilingual content management technologies help clients reduce cost, speed time to market and ensure the integrity of global brands. Based in Waltham, Mass., Lionbridge maintains facilities in England, Ireland, The Netherlands, France, Germany, China, South Korea, Japan, Taiwan, Brazil and the United States. To learn more, visit www.lionbridge.com.
Safe Harbor Statement
This release contains forward-looking statements, express or implied, relating to dismissal of the litigation against Lionbridge, which are neither promises nor guarantees but are subject to risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. Such risks and uncertainties include the fact that the dismissal is without prejudice to refiling and is conditioned on defendants' agreement to suspend the running of the applicable statute of limitations until December 31, 2002.