Cbeyond, Inc. (NASDAQ: CBEY) announced today that the parties have filed papers seeking preliminary approval of the settlement of the previously disclosed securities class action lawsuit filed in the United States District Court for the Northern District of Georgia. Although defendants continue to deny plaintiffs' allegations, the Company believes it is in the best interests of its stockholders to focus its attention on its business and put the matter behind it. The settlement is subject to approval by the Court, and the settlement amount of $2.3 million will be paid by the Company's D&O insurance coverage, with no impact to Cbeyond’s financial statements.
Cbeyond, Inc. (NASDAQ: CBEY) is a leading provider of IT and communications services to more than 46,000 small businesses throughout the United States. Recently named as the sixth fastest growing technology company by Forbes magazine, and added to Standard & Poor’s Small Cap S&P 600 Index, Cbeyond offers more than 30 productivity-enhancing applications including local and long-distance voice, broadband Internet, mobile, BlackBerry(R), broadband laptop access, voicemail, email, web hosting, fax-to-email, data backup, file-sharing and virtual private networking. Cbeyond delivers these services over a 100 percent private all IP network. For more information on Cbeyond, visit www.cbeyond.net.
Kurt Abkemeier, 678-370-2887
Vice President, Finance and Treasurer
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