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Double-Take in deal to end shareholder claims

Associated Press / July 17, 2010

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SOUTHBOROUGH — Double-Take Software Inc. said yesterday that it and other defendants have signed a memorandum of understanding to settle shareholder class actions in Delaware and Massachusetts over its planned acquisition by Vision Solutions Inc.

Double-Take Software, which provides software and services to recover and back up data, said it had agreed to make additional disclosures about the acquisition, which was announced in May.

It said the memorandum of understanding includes the terms of settlement of the Delaware case, including the dismissal of all claims. Lawyers in the Massachusetts case have agreed to stay their action and seek dismissal once the Delaware case is closed. .

The company said it agreed to the settlement “to eliminate the uncertainty, distraction, burden, and expense of further litigation’’ and to make sure its acquisition moves forward without the threat of court action.